Bukele Denies Transfer of El Salvador's Strategic Bitcoin Reserve
El Salvador's President Nayib Bukele has denied reports that the country transferred its Strategic Bitcoin Reserve to a private entity. The claim came after the International Monetary Fund (IMF) announced a preliminary agreement with El Salvador, which will unlock $140 million in additional funding under a broader $1.4 billion financing program.
The IMF had stated that majority ownership and operational control of the state-backed Chivo wallet had been transferred to a private operator. However, Bukele clarified that only shares in the Chivo wallet were transferred, not the country's Bitcoin holdings.
El Salvador became the first country to adopt Bitcoin as legal tender in 2021, introducing it alongside the US dollar. The policy later became a central issue in negotiations with the IMF. Despite removing Bitcoin's legal tender status in January, El Salvador's Bitcoin holdings have continued to increase.
The country's reserve stood at around 6,224 BTC at the end of June 2025 and has since risen to more than 7,764 BTC, representing an increase of roughly 1,540 BTC. The IMF also stated that recent growth in the reserve came from private donations rather than government spending.