El Salvador's Bitcoin Holdings Come from Private Donations, Not Public Funds

El Salvador's Bitcoin holdings have been a point of contention for the International Monetary Fund (IMF), which has been reviewing the country's financing program. According to the IMF, El Salvador used no public funds to accumulate Bitcoin after its first review in June 2025.

The explanation comes after El Salvador announced in November 2025 that it had acquired 1,090 BTC worth $100 million, renewing questions about compliance with its $1.4 billion IMF program. The IMF stated that documents provided by Salvadoran authorities verified that the accumulation came from private donations, not public resources.

The IMF also clarified that majority ownership and operational control of the Chivo wallet had been transferred to a private operator, while the government retained a minority stake and custodial responsibilities. This move is seen as part of El Salvador's effort to limit public-sector involvement in Bitcoin under the IMF package.