IMF Says El Salvador’s Bitcoin Hoard Since Mid-2025 Comes From Private Donations, Not State Coffers.

The International Monetary Fund has dropped a fresh twist in the ongoing saga of El Salvador’s Bitcoin experiment. On Thursday, the IMF announced a staff-level agreement on the country’s combined second and third program reviews, and buried in the release was a striking claim: every Bitcoin added to El Salvador’s national reserve since mid-2025 has come from private donations, not public funds.

According to the IMF, documentation submitted by President Nayib Bukele’s government confirmed that the accumulation of Bitcoin since the first review “reflects private donations and that no public resources were used.” The fund further stated it expects no additional purchases beyond those already documented effectively pouring cold water on the administration’s daily “one Bitcoin a day” narrative.

This marks a sharp reversal from the IMF’s previous stance. Just a year ago, in September 2025, an IMF communications officer told Decrypt that the total quantity of government-owned Bitcoin had not increased at all, and that any growth in El Salvador’s Strategic Bitcoin Reserve Fund was merely the result of moving coins between existing state-controlled wallets.

The numbers tell a different story. When the IMF program began in December 2024, El Salvador’s reserve held 5,968 BTC. Today, according to the country’s Bitcoin Office, that figure stands at 7,764 BTC—a net increase of nearly 1,800 coins. The Bukele administration has consistently touted its daily purchase strategy, and last November even announced a blockbuster 1,090 BTC acquisition worth roughly $100 million.

As recently as last week, the Bitcoin Office tweeted “just bought more Bitcoin,” accompanied by a treasury chart showing 31 coins added over 30 days—a direct contradiction to the IMF’s latest account. With Bitcoin currently trading around $79,391, the discrepancy raises fresh questions about transparency and the true source of the nation’s crypto reserves. For now, the IMF appears satisfied, but the public narrative remains deeply fractured.