El Salvador Shifts Bitcoin Strategy Following IMF Agreement

El Salvador's government has made significant changes to its Bitcoin strategy following an agreement with the International Monetary Fund (IMF). As part of a 40-month Extended Fund Facility, El Salvador agreed to limit public-sector Bitcoin exposure. The first program review was completed on June 27, 2025, which marks the cutoff for publicly funded Bitcoin purchases.

Since then, all additional BTC additions have come from private donations. This means that blockchain balances alone can no longer be used as evidence of government-funded Bitcoin purchases. To address this issue, the IMF required additional documentation to verify the funding source behind the transactions.

The disclosure resolves an apparent contradiction between El Salvador's rising reported Bitcoin holdings and its commitment to limit public-sector crypto exposure. The change in strategy effectively ends the country's 'one Bitcoin a day' era. Instead of accumulating new BTC, El Salvador will hold its existing position and be exposed to changes in Bitcoin's value.

The IMF arrangement has restricted new purchases rather than forcing El Salvador to liquidate its existing holdings. This leaves the country exposed to both the upside and downside of Bitcoin without continuously increasing public capital at risk. According to Bitcoin Treasuries, El Salvador currently holds 7,764 BTC.