Did El Salvador Sell Bitcoin? President Bukele Responds to the Allegations

El Salvador’s President Nayib Bukele denied a report by El País claiming the government had transferred control of its state Bitcoin reserves, exceeding 7,763 BTC, to a private operator.

Bukele’s objection is based on an interpretation of the wording in the International Monetary Fund’s (IMF) recent statement regarding El Salvador. According to the IMF, the entity whose majority stake and operational control has been transferred to a private operator is not El Salvador’s strategic Bitcoin reserves, but the government-backed Chivo wallet.

The IMF previously stated that El Salvador had submitted documents showing that all of the Bitcoin it had accumulated since its first Extended Funds Facility (EFF) review on June 27, 2025, came from private donations. The institution stated that no public funds were used for Bitcoin purchases during that period and that no additional Bitcoin accumulation beyond the documented donations was expected.

The announcement came after an IMF delegation reached an agreement with El Salvador to combine the second and third reviews of the EFF program. Subject to approval by the IMF Executive Board and fulfillment of the agreed preconditions, El Salvador is expected to gain access to approximately $140 million in additional financing.

*This is not investment advice.