- El Salvador’s central bank claims public Bitcoin holdings haven’t changed since February, contradicting President Bukele’s and the Bitcoin Office’s daily buy claims.
- The IMF-backed letter cites compliance with a US$1.4B loan deal that restricts BTC purchases, though Bukele’s team insists the country continues buying 1 BTC per day.
- The IMF suggests recent wallet activity may be internal transfers, not new buys—raising concerns over transparency and conflicting signals in El Salvador’s Bitcoin policy.
A newly released letter from two of El Salvador’s top financial officials appears to refute claims that the country has continued buying Bitcoin throughout 2025, raising questions about the true status of its national crypto reserves.
Included in the International Monetary Fund’s (IMF) first review of its ongoing financing program with El Salvador, the letter states unequivocally: “The stock of Bitcoins held by the public sector remains unchanged.” It was signed by Central Bank President Douglas Pablo Rodríguez Fuentes and Finance Minister Jerson Rogelio Posada Molina.
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A Contradicting Statement
The statement confirms that El Salvador is scaling back its role in the Chivo wallet and adjusting its Bitcoin strategy to meet conditions of a US$1.4B (AU$2.15B) loan agreement signed with the IMF late last year.
That deal required the government to stop buying Bitcoin with public funds and to revise its legal framework around BTC adoption. However, the country defied the IMF, by buying BTC, at least according to repeated statements from President Nayib Bukele and El Salvador’s Bitcoin Office, which have insisted that the country is buying one BTC per day.
According to public posts and estimates from blockchain data firm Arkham, the country’s Strategic Bitcoin Reserve now holds approximately 6,242 BTC, worth over US$737M (AU$1.1B) at current prices. On the Bitcoin office website, several transfers to government-linked wallets from major exchanges like Binance and Bitfinex appear to support the ongoing inflow narrative.
So, what’s going on?
The IMF offers some kind of explanation. A footnote suggests these daily transactions may not be fresh acquisitions, but rather internal wallet consolidations:
Increases in Bitcoin holdings in the Strategic Bitcoin Reserve Fund reflect the consolidation of Bitcoin across various government-owned wallets.
IMFIt’s safe to say that the IMF’s rebuttal raises more than a few eyebrows within the crypto community about transparency in El Salvador’s Bitcoin strategy, and the government’s ongoing claims of daily accumulation.
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