El Salvador's President Nayib Bukele has publicly rejected a report by Spanish newspaper El Pais claiming that the country's strategic Bitcoin reserve had been transferred to a private operator. Bukele said the report was entirely false and that the confusion stems from a misinterpretation of language used by the International Monetary Fund. He explained that the IMF wording referred to equity ownership and operational control of Chivo, the state-linked digital wallet business, rather than the national Bitcoin reserve.
According to the government, El Salvador held around 7,764 BTC as of 4 September 2026, valued at roughly $619 million to $628 million. This makes it the fifth largest known government Bitcoin holder, behind China, the United Kingdom and Ukraine, but ahead of the United Arab Emirates and Bhutan. The country began accumulating Bitcoin in September 2021 after becoming the first nation to adopt BTC as legal tender. Its total cost basis is approximately $388.9 million, implying an average purchase price near $50,000 per coin and an unrealized profit of about $239 million.
The IMF confirmed on 3 September 2026 that no public government funds were used to grow the reserve since June 2025, because the loan agreement with El Salvador restricts public sector Bitcoin accumulation. The government said the reserve increase from about 5,968 BTC to 7,764 BTC came from private donations, though donor identities and individual amounts have not been publicly disclosed. The IMF also said that a delegation reached an agreement to combine the second and third reviews of the Extended Funds Facility program, potentially giving El Salvador access to roughly $140 million in additional financing, subject to Executive Board approval and agreed preconditions.
While the reserve figures are relatively well documented, transparency questions remain around the undisclosed private donors and the Chivo-related confusion. Bukele maintains that no transfer of the strategic Bitcoin reserve occurred, but observers are being urged to seek verifiable wallet confirmations rather than relying only on official statements.
