El Salvador, the first country to adopt Bitcoin as legal tender, has continued its Bitcoin accumulation strategy despite a $1.4 billion loan agreement with the International Monetary Fund (IMF) that discouraged further accumulation. Since December 19, 2024, when the IMF deal was announced, the country has acquired 240 Bitcoin.
The IMF agreement, finalized in December 2024, stipulated that El Salvador should cease public Bitcoin accumulation. However, the nation has maintained its commitment to purchasing one Bitcoin per day, a strategy initially declared by President Nayib Bukele in 2022. This has resulted in the government's treasury wallet holding 6,209 Bitcoin as of June 16, 2025.
Despite the agreement, Rodrigo Valdes, director of the IMF's Western Hemisphere Department, stated during an April press briefing that El Salvador remains technically compliant. He noted that El Salvador continues to comply with their commitment of non-accumulation of Bitcoin by the overall fiscal sector. Some analysts suggest that the IMF's "flexible interpretation" of the deal allows El Salvador to continue its Bitcoin acquisitions, possibly through non-public sector entities or reclassified assets. This approach enables the country to maintain its Bitcoin-friendly image while securing critical funding from the IMF.
El Salvador's Bitcoin strategy has yielded substantial unrealized profits. As of May 2025, the country's Bitcoin holdings had generated an unrealized profit of over $357 million, according to President Bukele. The portfolio, valued at approximately $644.4 million, was acquired for $287.1 million, representing a 124.4% unrealized profit margin. This includes $69.8 million gained in 2025 alone. These gains reflect Bitcoin's increasing value and El Salvador's strategic investment. As of June 15, 2025, El Salvador's Bitcoin holdings reached 6,207.18 BTC, with a total value of $652 million. In the seven days prior, the country increased its holdings by 8 BTC.
The country's continued Bitcoin accumulation occurs against a backdrop of both support and criticism. International financial institutions like the IMF have voiced concerns about the risks associated with Bitcoin's legal tender status, particularly regarding financial stability and consumer protection. However, President Bukele has consistently dismissed external pressure, emphasizing Bitcoin's potential to boost financial inclusion and economic growth.
El Salvador's approach has positioned it as the sixth-largest sovereign Bitcoin holder globally, with its holdings managed by the National Bitcoin Office. The country's strategy involves a long-term holding approach, viewing Bitcoin as a strategic reserve asset similar to gold or foreign currency holdings.
