The International Monetary Fund recently published a report about its current loan agreement with El Salvador, claiming that the Latin American nation has not purchased any additional Bitcoin since February 2025, when its loan deal with the IMF kicked off. This directly contradicts President Nayib Bukele’s public statements claiming that the country has continued to increase its Bitcoin holdings. El Salvador Halted Bitcoin Buys The International Monetary Fund released a report earlier this week as part of its first review of its loan program, noting that the “stock of Bitcoins held by the public sector remains unchanged.” According to the report, El Salvador’s Chivo Bitcoin wallet does not adjust its Bitcoin reserves to reflect changes in Bitcoin deposits. Chivo doesn’t sell its BTC, resulting in “minor” discrepancies that made it seem like El Salvador’s public sector was buying more of the benchmark cryptocurrency. An attached letter signed by El Salvador’s central bank president, Douglas Pablo Rodríguez Fuentes, and minister of finance, Jerson Rogelio Posada Molina, confirmed that the Central American nation has provided the addresses of all its hot and cold wallets to the IMF for review and monitoring. “In line with commitments under the program, the stock of Bitcoins held by the public sector remains unchanged, and we are taking steps to mitigate fiscal risks by reducing the public sector’s role in the Chivo wallet and reframing the Bitcoin project,” the letter continued. El Salvador’s Loan Deal With The IMF The Salvadoran government reached an agreement with the IMF in December 2024 to receive a $3.3 billion loan package. One of the conditions of the deal was the prohibition of “voluntary accumulation of Bitcoin by the public sector.” This meant that Bukele’s government wouldn’t be allowed to keep scooping up BTC if it wanted to continue complying with the loan deal. Nevertheless, Bukele’s administration has repeatedly touted new buys of one BTC daily since November of 2022, when the millennial president introduced the strategy. On March 4, when the conditions of the loan deal were revealed, Bukele proclaimed that El Salvador’s Bitcoin shopping spree was “not stopping.” The government’s treasury wallet currently holds 6,243.18 Bitcoin, according to data from El Salvador’s Bitcoin Office. The IMF report claims that these are not new Bitcoin purchases, but rather the Salvadoran government consolidating the holdings it already owns. “Increases in Bitcoin holdings in the Strategic Bitcoin Reserve Fund reflect the consolidation of Bitcoin across various government-owned wallets,” the international lender wrote in a footnote. The IMF report sent shockwaves through the crypto community due to El Salvador’s status as one of the leading countries to adopt a national strategic Bitcoin reserve and Bukele’s vocal position on stacking the supply-capped crypto asset. [The International Monetary Fund]