Despite public claims of continued daily Bitcoin accumulation, a recent report by the International Monetary Fund (IMF) indicates that El Salvador has not purchased any additional Bitcoin since securing a $1.4 billion loan deal in December 2024. The IMF's findings contradict statements from El Salvador's Bitcoin Office, which has consistently asserted that the government is actively increasing its Bitcoin holdings.

The IMF report suggests that any recent increases in El Salvador's reported Bitcoin reserves are due to internal wallet consolidations rather than new purchases. The report clarifies that "increases in Bitcoin holdings in the Strategic Bitcoin Reserve Fund reflect the consolidation of Bitcoin across various government-owned wallets". It further explains that the government-run Chivo wallet does not adjust its Bitcoin reserves to reflect changes in clients' Bitcoin deposits, which can lead to temporary increases in net public-sector Bitcoin holdings.

This revelation comes after El Salvador struck a deal with the IMF in December 2024 for a $1.4 billion loan, which included provisions discouraging further public accumulation of Bitcoin. As part of the agreement, El Salvador also reversed course and revoked the recognition of bitcoin as legal tender on Feb 6, 2025. The IMF's primary objectives in these negotiations were to address the risks associated with Bitcoin, strengthen governance and transparency, and ensure the country's financial stability.

Despite the agreement with the IMF, El Salvador has continued to implement President Nayib Bukele's "one Bitcoin a day" strategy, launched in 2022. Data from El Salvador's Bitcoin Office revealed that the country's treasury wallet held 6,209 BTC as of June 16, 2025, an increase of 240 coins since the IMF deal was finalized. As of July 14, 2025, El Salvador holds over 6,237 BTC. Recent data indicates that El Salvador's Bitcoin holdings have crossed $760 million, with the value of BTC surpassing $122,000. El Salvador's Bitcoin holdings have tripled in value to over $767 million as of July 14.

However, the IMF maintains that El Salvador remains technically compliant with the terms of the loan agreement. Rodrigo Valdes, director of the IMF's Western Hemisphere Department, stated in April 2025 that "El Salvador continues to comply with their commitment of non-accumulation of Bitcoin by the overall fiscal sector". This has led to speculation that the purchases might be conducted through non-public entities or reclassified holdings, allowing El Salvador to maintain its Bitcoin-friendly stance while still accessing IMF funds.

The IMF has stressed that continued efforts to unwind the public sector's participation in the government-run Chivo wallet and maintain a cap on Bitcoin holdings are part of risk mitigation strategies. The Chivo exit is planned for completion by the end of July 2025. The IMF is also working with El Salvador to enact a comprehensive framework for managing government-owned Bitcoins and other crypto assets, with the aim of strengthening governance, transparency, and accountability. This includes defining the role of the Bitcoin Management Agency.

While El Salvador's Bitcoin strategy was initially met with skepticism and criticism, the country's Bitcoin portfolio has seen significant returns. As of July 9, 2025, El Salvador's Bitcoin investment portfolio reached a balance of $691.60 million, with an unrealized profit of $399.8 million, reflecting a 137% return on investment. Despite the volatility of cryptocurrency, industry experts believe that Bitcoin remains on solid ground, and if the surge continues, its value could reach $124,000–$125,000 in the coming days.