IMF report says El Salvador has not made any new Bitcoin purchases, only integrating existing holdings

On July 20, according to TheBlock, El Salvador has not purchased Bitcoin since February 2025, according to a letter signed by the president of El Salvador's central bank and the Minister of Finance. The letter was part of a recent International Monetary Fund (IMF) compliance report. This statement contradicts statements from President Nayib Bukele and his Bitcoin office, which claims that the country's Bitcoin reserves are approximately 6,242 coins, worth approximately $737.00 million, and that it continues to add one Bitcoin per day. Arkham data also supports El Salvador's record of adding 1 Bitcoin per day, with most of these transfers coming from addresses labeled as Binance or Bitfinex hot wallets. Stacy Herbert, head of its Bitcoin office, had previously stated that El Salvador continues to buy Bitcoin, ignoring the IMF agreement.

Notably, the International Monetary Fund (IMF) compliance report suggests that these transaction records may not be new purchases, but rather the Salvadoran government consolidating its existing Bitcoin holdings. The IMF report noted in a footnote: "The increase in Bitcoin holdings in the strategic Bitcoin reserve fund reflects the government's consolidation of Bitcoin from multiple held wallets."

The El Salvador Bitcoin office has not yet commented on this. [BlockBeats]