The International Monetary Fund said Thursday that private donations, rather than government purchases, funded El Salvador's recent additions to its Bitcoin reserve. The fund announced a staff-level agreement on the country's combined second and third program reviews following this determination.
Documentation supplied by Salvadoran authorities verified that Bitcoin accumulated since the first review "reflects private donations and that no public resources were used," according to the IMF. The fund expects no further additions beyond those documented donations.
El Salvador's Strategic Bitcoin Reserve grew from 5,968 BTC when the program began in December 2024 to 7,764 BTC currently, according to the country's Bitcoin Office. The discrepancy between this growth and the IMF's account of donation-funded additions represents a shift from the fund's previous statements. In September 2025, an IMF communications officer stated that the total quantity of government-owned Bitcoin had not increased, attributing the reserve's growth to coins moving between wallets the state already controlled.
El Salvador's government has consistently claimed it purchases one Bitcoin daily, and announced a 1,090 BTC purchase valued at approximately $100 million last November. As recently as last week, the Bitcoin Office stated on social media that El Salvador had "just bought more Bitcoin."
The IMF did not disclose the identities of donors or the amounts each contributed to the reserve.
The staff-level agreement unlocks approximately $140 million once the executive board approves and El Salvador completes agreed prior actions. This funding represents a tranche of the 40-month, $1.4 billion Extended Fund Facility approved in February 2025, which requires the country to make merchant acceptance of Bitcoin voluntary, collect taxes in dollars, and halt public-sector cryptocurrency purchases.
Separately, majority ownership and operational control of Chivo, the state-run wallet launched with the 2021 Bitcoin Law, have transferred to a private operator. El Salvador retains a minority stake and responsibility for safeguarding customer assets.
The fund projects 4.5% economic growth this year driven by investment, remittances, and tourism, and aims to bring public debt toward 80% of GDP by 2030.
