Despite being under an active agreement with the International Monetary Fund (IMF), El Salvador has continued to grow its Bitcoin reserves, purchasing an additional 7 BTC over the past week. This brings the nation’s total Bitcoin holdings to 6,173 BTC, worth more than $637 million, according to figures released by the country’s Bitcoin Office.
The recent acquisition marks yet another step in El Salvador’s ongoing strategy to build a sovereign Bitcoin reserve—even as the IMF agreement, which discourages public spending on cryptocurrency, remains in effect.
Months after signing the deal with the IMF, El Salvador is still among the few countries making consistent Bitcoin purchases directly from the market. Some crypto experts view the country’s Bitcoin treasury model as a potential example for other nations considering similar reserves.
Resisting IMF Conditions
The IMF approved a $1.4 billion loan package for El Salvador in December 2024, with certain conditions aimed at reducing the government’s crypto involvement. These included reversing Bitcoin’s status as legal tender, making its use optional, ending state-funded Bitcoin buys, and privatizing the state-run Chivo Wallet.
In January 2025, El Salvador’s legislature voted overwhelmingly (55-2) to revoke the legal tender status of Bitcoin. However, this legal rollback didn’t appear to impact the government’s accumulation efforts.
In March 2025, the IMF again urged El Salvador to cease Bitcoin purchases. President Nayib Bukele, however, made it clear that the country had no intention of backing down.
“Our Bitcoin strategy is not ending,” Bukele posted on X on March 4. “If we didn’t stop when the world turned its back on us, we’re certainly not going to stop now.”
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