IMF Says Private Donations Fuel El Salvador Bitcoin Growth

El Salvador's Bitcoin reserve growth has been driven by private donations, not public funds, according to the International Monetary Fund (IMF). This finding was part of a staff-level agreement on El Salvador's combined second and third program reviews. The approval by the Executive Board would release around $140 million.

The IMF has verified that the coins added since the first review reflect private donations, with no public resources used. No further accumulation beyond the documented donations is expected going forward.

El Salvador entered the 40-month Extended Fund Facility (EFF) in February 2025, with a total access of roughly $1.4 billion, equal to 360% of the country's quota at the fund. Bitcoin has been closely tied to the program since its inception, and earlier this year, falling prices cut the value of El Salvador's Bitcoin holdings.

The IMF also stated that public-sector Bitcoin holdings had not moved since the program began. The coins appearing in the Strategic Bitcoin Reserve Fund were gathered from other state-held addresses.