IMF Says Donations, Not Public Funds, Drove El Salvador Bitcoin Growth
The International Monetary Fund (IMF) says private donations, rather than public resources, have driven El Salvador's Bitcoin (BTC) reserve growth since the first review.
The finding came alongside a staff-level agreement on El Salvador's combined second and third program reviews. Approval by the Executive Board would release around $140 million.
IMF Expects No Further Bitcoin Accumulation Beyond Documented Donations
El Salvador entered the 40-month Extended Fund Facility (EFF) in February 2025. The arrangement carries total access of roughly $1.4 billion, equal to 360% of the country's quota at the fund.
Bitcoin has shadowed the program ever since. Earlier this year, falling prices cut the value of El Salvador's Bitcoin holdings. The country's credit default swaps climbed to a five-month high.
At the first review, completed on June 27, 2025, the Fund said public-sector Bitcoin holdings had not moved since the program began. Coins appearing in the Strategic Bitcoin Reserve Fund had been gathered from other state-held addresses.
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