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El Salvador did not use public money to add Bitcoin after its first review under a $1.4 billion IMF lending program, with documentation showing the increase came from private donations.
The International Monetary Fund disclosed the finding on September 3 after reaching a staff-level agreement with Salvadoran authorities on the combined second and third reviews of the 40-month Extended Fund Facility. The agreement could release about $140 million once the IMF Executive Board approves it and agreed actions are completed.
Bitcoin Added Since June 2025 Came From Private Donations
El Salvador completed its first IMF program review on June 27, 2025. Under the lending agreement, the government committed not to voluntarily accumulate Bitcoin using public resources.
The country’s reported Bitcoin holdings continued to rise after that review, including a 1,090 BTC addition disclosed in November, raising questions about whether the government was continuing purchases despite the IMF commitment.
The latest review says Salvadoran authorities provided documentation showing that Bitcoin accumulation since the first review reflected private donations rather than government-funded purchases.
The IMF did not disclose how much Bitcoin was donated, identify the donors or provide a transaction-by-transaction breakdown matching individual additions to government-controlled wallets.
IMF Expects No Accumulation Beyond Documented Donations
The original program defined voluntary accumulation as Bitcoin purchases and mining by the public sector. Bitcoin obtained through seizures, forfeitures and similar law enforcement actions was treated separately.
The IMF said no additional accumulation beyond the documented private donations is expected. The program does not require El Salvador to dispose of its existing Bitcoin holdings.
Officials also agreed to improve governance and risk management around public-sector crypto holdings and continue work on the country’s legal and supervisory framework for digital assets.
Chivo Control Shifts to Private Operator Under IMF Program
El Salvador has also reduced the government’s direct role in Chivo, the Bitcoin wallet introduced during the country’s 2021 adoption of BTC as legal tender.
Majority ownership and operational control of Chivo have been transferred to a private operator. The government retains a minority stake and custodial responsibilities for customer assets.
The staff-level agreement remains preliminary until the IMF Executive Board approves the reviews. El Salvador also remains committed under the program not to voluntarily accumulate additional Bitcoin using public resources.
