El Salvador's Private Donations Fuel Bitcoin Accumulation Post-IMF Review
El Salvador's Bitcoin accumulation after its first IMF review in June 2025 came from private donations, not public funds, according to the International Monetary Fund. The lender verified documents supplied by Salvadoran authorities that showed no government resources were used for the purchases.
The IMF said that El Salvador's 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. It stated that no further accumulation beyond documented donations is expected.
This explanation addresses how El Salvador's Bitcoin holdings grew after the first review, as the country said in November 2025 it had acquired 1,090 BTC worth $100 million. This renewal of questions about compliance with its $1.4 billion IMF program followed El Salvador's agreement to limit public-sector involvement in Bitcoin under the IMF package in December 2024.
Since then, El Salvador's Bitcoin Office has continued to accumulate Bitcoin, and as of now, the country holds approximately 7,764 BTC worth around $628 million at the current price of $80,900 per BTC.