The International Monetary Fund has officially verified that every Bitcoin purchased by El Salvador since June 27, 2025, was funded entirely through private donations, with zero public resources tapped for crypto accumulation. The confirmation came on September 3 as part of a staff-level agreement covering the combined second and third reviews of the country’s Extended Fund Facility.
What the IMF actually verified
The staff-level agreement covers El Salvador’s EFF arrangement, which carries a total funding access of approximately $1.4 billion. Completion of this review could unlock an additional $140 million, pending approval from the IMF’s Executive Board.
The core finding is straightforward: since the cutoff date of June 27, 2025, the Salvadoran government has not directed taxpayer money toward Bitcoin purchases. Every acquisition during that period traces back to private donations.
Under the terms of the EFF agreement, no further Bitcoin accumulation is expected beyond what has already been documented through private donation channels.
The Bitcoin balance sheet
As of early September 2026, El Salvador’s publicly held Bitcoin totals approximately 7,764 BTC, valued at around $628 million. That puts the average implied value at roughly $80,900 per coin, reflecting a mix of earlier purchases at lower prices and substantial unrealized gains accumulated during Bitcoin’s rally over the past two years.
The government’s reported acquisition of over 1,000 BTC in November 2025 had drawn particular scrutiny, raising questions about whether public funds were being quietly channeled into crypto purchases despite the IMF arrangement. The latest verification directly addresses that concern, attributing the acquisition to the private donation pipeline rather than the national treasury.
The Chivo e-wallet, which was originally the government’s flagship tool for distributing Bitcoin to citizens, has also undergone a structural change. Majority ownership and operational control have been transferred to a private operator, with the government retaining only a minority stake.
Why this verification matters beyond El Salvador
El Salvador made Bitcoin legal tender in 2021 and in February 2025 entered into a 40-month EFF agreement with the IMF for approximately $1.4 billion, which included strict stipulations regarding the management of any public-sector Bitcoin to maintain fiscal stability. What’s emerging is a documented precedent: a government can hold Bitcoin on its balance sheet while accessing IMF lending, provided it demonstrates that crypto accumulation isn’t draining public coffers.
The $140 million tranche awaiting Executive Board approval will serve as the next concrete test of whether the IMF is satisfied not just with the Bitcoin funding verification but with El Salvador’s broader fiscal trajectory under the program.