El Salvador Bitcoin Purchases Came From Private Donations, IMF Confirms

TLDR

• El Salvador told the IMF its Bitcoin gains since June 2025 came from private donations, not public money.
• The IMF reached a staff-level agreement on El Salvador’s combined second and third program reviews.
• Approval could release about $140 million to El Salvador under its $1.4 billion loan program.
• Majority control of the Chivo wallet has moved to a private operator, while the government kept a minority stake.
• The IMF said it does not expect El Salvador to add more Bitcoin beyond the donations already reported.

The International Monetary Fund said El Salvador funded its recent Bitcoin gains through private donations rather than public money. The statement came in a Sept. 3 announcement about the country’s loan program.

IMF staff and Salvadoran officials reached a staff-level agreement on the combined second and third reviews of El Salvador’s Extended Fund Facility. The deal still needs approval from the IMF’s Executive Board.

The Fund said El Salvador provided documentation showing that Bitcoin added to government wallets since June 27, 2025, came from private donors. It said no public resources were used for the purchases.

The disclosure addresses questions raised after wallets tied to El Salvador’s Strategic Bitcoin Reserve appeared to grow. Some observers had asked whether the government kept buying Bitcoin despite its commitments to the IMF.

How the Bitcoin Donations Were Verified

Blockchain records can show coins moving into a wallet, but they do not explain where the coins came from. They also cannot show whether coins were bought, donated, or moved between government accounts.

In July 2025, the IMF said the total Bitcoin held by the government had not changed. It explained that some reported increases actually came from moving coins between different state-controlled wallets.

The new documentation adds another layer of explanation. It states that any accumulation after the first review came from private gifts, not government purchases.

The IMF also said it reached an understanding with El Salvador that no further Bitcoin buildup is expected beyond the donations already reported.

What the Loan Agreement Means for El Salvador

If the IMF’s Executive Board approves the reviews, El Salvador could receive close to $140 million. That amount equals about 101.96 million Special Drawing Rights.

The country has already received 172.32 million Special Drawing Rights under the program. The IMF approved the 40-month loan arrangement in February 2025, with total access of about $1.4 billion.

The Fund said El Salvador’s economy has performed better than expected. It projects economic growth of 4.5 percent in 2026, helped by investment, spending, remittances, tourism, and money flowing into the country.

IMF staff also called for continued spending discipline. They want the government to keep working on lowering public debt toward 80 percent of the size of the economy by 2030.

As part of the program, El Salvador has cut back on its own role in the Chivo wallet. Majority ownership and daily operations have shifted to a private operator whose name has not been made public.

The government kept a minority stake and stayed responsible for holding customer funds safely. The IMF said work continues to make Bitcoin holdings across various wallets easier to track.

The original loan terms made Bitcoin acceptance optional for businesses. They also required taxes to be paid in U.S. dollars and limited how much the government could take part in Bitcoin activity.

Both sides also agreed to update El Salvador’s rules for digital assets. The plan includes stronger oversight and risk controls for any Bitcoin the public sector holds.

The IMF’s Executive Board has not yet voted on the reviews. Until it does, and until El Salvador finishes the required steps, the extra $140 million will stay unavailable.

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