El Salvador's Bitcoin Reserve Growth Comes from Private Donations, Not Government Spending

The International Monetary Fund (IMF) has shed light on El Salvador's Bitcoin reserve growth over the past year, stating that it came from private donations rather than new government spending.

In its latest review of the country's loan program, the IMF said documents supplied by El Salvador showed that the 1,540 additional Bitcoins accumulated since the previous review reflected private donations. This contradicts President Nayib Bukele's government claims of daily purchases to boost the reserve.

The IMF also noted that the Salvadoran government had 'substantially unwound' its stakes in the Chivo e-wallet, transferring majority ownership and operational control to a private operator while retaining a minority stake and custodial responsibilities for customer assets.

The country's Bitcoin push continues despite the IMF accounting. El Salvador held about 6,224 BTC at the end of June 2025, but its official reserve tracker now shows more than 7,764 BTC, an increase of roughly 1,540 BTC.