Despite widespread speculation about new government Bitcoin purchases, a recently released report from the International Monetary Fund (IMF) confirms there have been none.
El Salvador's public-sector Bitcoin holdings have remained unchanged since the approval of its current economic program earlier this year.
According to the IMF's Country Report No. 25/190, which outlines the findings from the first review under the Extended Fund Facility (EFF), any recent increases in reported Bitcoin reserves are the result of internal wallet consolidations rather than new acquisitions.
Specifically, the report states that “increases in Bitcoin holdings in the Strategic Bitcoin Reserve Fund reflect the consolidation of Bitcoin across various government-owned wallets” (p. 7).
It further clarifies that “Chivo does not adjust its Bitcoin reserves to reflect changes in clients’ Bitcoin deposits,” (p. 8) which can cause temporary upticks in net public-sector Bitcoin holdings.
The clarification follows online speculation prompted by visible changes in public wallet balances and statements by prominent Bitcoiners.
Samson Mow, CEO of JAN3, addressed the confusion by noting, “it’s just internal transfers,” emphasizing that the on-chain movements were not indicative of new purchases.
It’s just internal transfers. https://t.co/845nODbHlv
— Samson Mow (@Excellion) July 17, 2025
Additional context was provided in a letter to the IMF signed by El Salvador’s Minister of Finance, referenced by writer John Dennehy.
The letter reiterates that “the stock of Bitcoins held by the public sector remains unchanged,” (p. 105) aligning with commitments made under the IMF program.
Joe Nakamoto, a journalist covering Bitcoin developments, noted that the IMF agreement appears to prevent new public-sector purchases unless the terms are renegotiated.
“After Chivo’s sale… there’s no more ‘loophole’ to keep topping up BTC,” he wrote on X.
As many suspected, the IMF report suggests El Salvador has not been buying Bitcoin—just reshuffling it internally:
“Increases in Bitcoin holdings … reflect the consolidation of Bitcoin across various government‑owned wallets.”
“Chivo does not adjust its Bitcoin reserves… pic.twitter.com/Om7o2K7FeW
— Joe Nakamoto ⚡️ (@JoeNakamoto) July 17, 2025
The report confirms this, stating that only a “buffer of at least US$3 million” (p. 50) is maintained for operational stability, not for investment purposes.
The IMF has stressed that continued efforts to unwind the public sector's participation in the government-run Chivo wallet and maintain a cap on Bitcoin holdings are part of risk mitigation strategies.
The Chivo exit is planned for completion by the end of July 2025.
Mining-related speculation was also addressed. According to the report, El Salvador’s pilot Bitcoin mining initiatives have stalled, and mining is not currently contributing to national holdings.
While the government maintains its broader policy support for Bitcoin, the IMF report makes clear that fiscal discipline and transparency remain priorities under the $1.4 billion EFF agreement.
As Mow summarized, “Bitcoiners are just reconciling two conflicting data points.”