El Salvador President Nayib Bukele has rejected reports that the country transferred its Strategic Bitcoin Reserve to a private operator as part of its agreement with the International Monetary Fund (IMF).
The denial came after the IMF reached a preliminary agreement with El Salvador that will unlock $140 million in additional funding under a broader $1.4 billion financing program.
Bukele said the transaction involved shares in the governmentโs Chivo wallet rather than the countryโs Bitcoin holdings, pushing back against reports that the reserve itself had been handed to a private entity.
Key Takeaways
- Nayib Bukele says El Salvador did not transfer its Strategic Bitcoin Reserve to a private operator.
- The president said only shares in the Chivo wallet were transferred.
- The IMF has agreed to release another $140 million as part of its $1.4 billion program with El Salvador.
- The countryโs Bitcoin holdings have risen from about 6,224 BTC in June 2025 to more than 7,764 BTC.
- The IMF says recent growth in the reserve came from private donations rather than government spending.
Bukele Draws a Line Between Chivo and El Salvadorโs Bitcoin Reserve
Bukele responded to reports about the transfer on Friday, saying the government had not handed over control of its strategic Bitcoin holdings.
โThe only thing that was transferred were Chivoโs shares … and NOT the Strategic Bitcoin Reserve,โ Bukele said in a post on X.
The comments came shortly after the IMF outlined changes involving El Salvadorโs state-backed Chivo wallet. The Fund said majority ownership and operational control of the wallet had been transferred to a private operator.
The government, however, continues to hold a minority stake and retains responsibility for the custody of customer assets.
The distinction is important because Chivo and the Strategic Bitcoin Reserve represent separate parts of El Salvadorโs cryptocurrency strategy.
El Salvadorโs Bitcoin Holdings Continue to Attract Attention
El Salvador became the first country to adopt Bitcoin as legal tender in 2021, introducing it alongside the US dollar. The policy later became a central issue in negotiations with the IMF.
The government removed Bitcoinโs legal tender status in January as part of the conditions surrounding the IMF program.
Despite the policy changes, El Salvadorโs Bitcoin holdings have continued to increase. The countryโs reserve stood at around 6,224 BTC at the end of June 2025 and has since risen to more than 7,764 BTC.
That represents an increase of roughly 1,540 BTC.
The size of the increase has raised questions because Salvadoran officials have continued to promote the idea of adding one Bitcoin per day to the national reserve.
