IMF El Salvador Bitcoin: $138M Disbursed, No New BTC

The IMF approved a $138M disbursement to El Salvador under its $1.4B program, citing no further Bitcoin accumulation beyond donations. BTC trades at $85,384.

The International Monetary Fund has approved an immediate disbursement of about $138 million to El Salvador under its $1.4 billion financing program, while signaling that the country’s IMF El Salvador Bitcoin accumulation has effectively come to an end. The decision follows the completion of the second and third reviews of El Salvador’s 40-month Extended Fund Facility, with waivers granted for missed performance criteria — including on Bitcoin purchases.

What happened

On Thursday, the IMF Executive Board completed the second and third reviews of El Salvador’s 40-month Extended Fund Facility arrangement. The approval unlocks roughly $138 million, part of a broader $1.4 billion financing package. Some performance criteria were missed, notably those related to Bitcoin accumulation, but the IMF granted waivers based on what it called strong corrective measures and renewed commitments from Salvadoran authorities.

The IMF highlighted progress in several areas: financial sector reforms, fiscal transparency, anti-money laundering and counter-financing of terrorism (AML/CFT) reforms, and the transfer of majority ownership and control of the Chivo Bitcoin wallet to a private operator. According to the IMF, no further Bitcoin accumulation is envisaged beyond documented donations. It also stated that El Salvador used no public resources to accumulate Bitcoin after the first review in June 2025.

Why it matters

El Salvador made headlines in 2021 as the first country to adopt Bitcoin as legal tender, and its government has periodically announced BTC purchases. In November 2025, the government said it had acquired 1,090 BTC worth $100 million. However, the IMF’s latest review clarifies that recent increases in holdings came from private donations, not government purchases. This distinction is crucial: it means the country is not deploying public funds to buy Bitcoin, at least according to the IMF’s assessment.

The transfer of the Chivo wallet’s majority ownership and operational control to a private operator is another significant step. The government retains a minority stake and custodial responsibilities, but the move reduces state involvement in Bitcoin-related activities. The IMF has also emphasized that efforts will continue to strengthen crypto-asset regulation, governance, and transparency around public-sector crypto holdings.

For crypto investors, this development underscores the growing pressure on nations to align with international financial standards. It also highlights the tension between Bitcoin adoption and traditional financial oversight. While El Salvador’s Bitcoin experiment continues in a modified form, the IMF’s stance suggests that large-scale, state-funded Bitcoin accumulation may be a thing of the past for the country.

Market reaction

Bitcoin’s price has shown little immediate reaction to the news, trading at $85,384.00 at the time of writing, up 0.98% in the last 24 hours. The 24-hour trading volume stands at $14,895,698,606, and the market capitalization is $1,715,658,442,932. The muted response suggests that market participants may have already priced in the IMF’s stance on El Salvador’s Bitcoin activities, or that broader macroeconomic factors are currently driving price action.

What to watch next

Several key developments could shape the narrative in the coming months:

El Salvador’s future Bitcoin policy: Will the government continue to accept Bitcoin donations, or will it find other ways to engage with crypto? Any new announcements could impact sentiment.
IMF program reviews: The next reviews under the 40-month Extended Fund Facility will assess whether El Salvador meets its commitments, including on crypto regulation and transparency.
Chivo wallet transition: How the private operator manages the wallet and whether it leads to increased adoption or further scrutiny.
Global regulatory trends: Other countries watching El Salvador’s experience may adjust their own crypto policies, influencing adoption and market dynamics.
Bitcoin price levels: With BTC near $85,000, traders will monitor whether the market can sustain this level amid ongoing regulatory and macroeconomic developments.

FAQ

What is the IMF El Salvador Bitcoin arrangement?

The arrangement refers to El Salvador’s $1.4 billion financing program with the IMF, under which the country agreed to certain economic reforms. As part of the deal, El Salvador committed to reducing state involvement in Bitcoin activities, including limiting public-sector Bitcoin accumulation. The IMF recently approved a $138 million disbursement after completing reviews, noting that no further Bitcoin accumulation is envisaged beyond donations.

Why did the IMF grant waivers for missed Bitcoin criteria?

The IMF granted waivers because El Salvador implemented strong corrective measures and renewed its commitments to the program’s objectives. Despite missing some performance criteria, including those related to Bitcoin accumulation, the authorities demonstrated progress in financial sector reforms, fiscal transparency, and AML/CFT efforts. The IMF also noted that the Chivo wallet’s majority ownership was transferred to a private operator, reducing state involvement.

How does this affect Bitcoin’s price?

In the short term, the news has had a minimal impact on Bitcoin’s price, which is trading at $85,384.00, up 0.98% in 24 hours. The market may have already anticipated the IMF’s stance, or other factors are driving prices. Longer term, if other countries follow El Salvador’s example of reducing state Bitcoin purchases, it could influence demand dynamics. However, Bitcoin’s price is influenced by a wide range of factors, including macroeconomic conditions and institutional adoption.

Market snapshot

Prices at the time of writing (Oct 4, 2026 10:25 UTC).

Bitcoin (BTC): $85,384.00 — 24h +0.98%

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IMF El Salvador Bitcoin Deal: $138M Disbursed, No New BTC