El Salvador added 1,540 Bitcoin, but the IMF says Bukele’s government didn’t pay for them

The International Monetary Fund (IMF) says El Salvador’s Bitcoin reserve development over the previous 12 months got here from non-public donations, not new government spending.

In its newest review of the nation’s mortgage program, the international monetary company mentioned paperwork provided by El Salvador confirmed that Bitcoin collected since the earlier assessment mirrored non-public donations. It added that no public sources have been used and mentioned it expects no additional accumulation past these documented contributions.

The Fund additionally reiterated that earlier modifications in El Salvador’s BTC place had not essentially represented new shopping for.

In earlier critiques, it mentioned will increase in the Strategic Bitcoin Reserve mirrored transfers among government-controlled wallets, whereas small fluctuations elsewhere have been linked to Bitcoin-denominated deposits held by way of Chivo.

The IMF additionally famous that the Salvadoran government had “considerably unwound” its stakes in the Chivo e-wallet. It defined:

“Majority possession and operational management have been transferred to a personal operator, whereas a minority stake and custodial obligations for buyer belongings have been retained by the government.”

El Salvador’s Bitcoin push continues regardless of the IMF accounting

The IMF’s evaluation sits uneasily beside each the measurement of El Salvador’s rising reserve and the government’s continued pro-Bitcoin messaging.

The nation held about 6,224 BTC at the finish of June 2025. Its official reserve tracker now reveals greater than 7,764 BTC, a rise of roughly 1,540 BTC.

If the IMF’s newest evaluation is utilized to that subsequent accumulation, a lot of the enhance got here from non-public donations relatively than taxpayers funding new Bitcoin purchases.

Yet El Salvador continues to explain itself as an active Bitcoin buyer.

As just lately as Aug. 28, the National Bitcoin Office said the nation had “simply purchased extra Bitcoin” and repeated its longstanding message: “One BTC per day, daily.”

The government has additionally continued pushing BTC past the treasury. President Nayib Bukele has maintained his pro-Bitcoin stance, whereas El Salvador has saved expanding Bitcoin schooling initiatives and presenting the asset as a part of its long-term financial technique.

Last 12 months, the nation additionally overhauled its Bitcoin treasury construction, shifting away from a single reused pockets and spreading its holdings throughout a number of addresses. Officials mentioned the change adopted digital-asset safety finest practices and lowered potential long-term publicity to quantum-computing threats.

The new construction retains the addresses public, permitting observers to confirm the reserve stability. However, it doesn’t distinguish BTC purchased with public cash from non-public donations or transfers between government-controlled wallets.

That distinction now sits at the heart of the disagreement. El Salvador’s reserve has grown by greater than 1,500 BTC whereas the government continues to publicly promote day by day purchases, but the IMF says the current accumulation it verified didn’t require further public spending.

The nation clearly owns considerably extra Bitcoin than it did a 12 months in the past. What stays unresolved is whether or not “one BTC per day” nonetheless describes government-funded purchases or just the tempo at which Bitcoin is getting into the reserve.

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