El Salvador keeps $666.1 million Bitcoin reserve after IMF approves $138 million disbursement
The IMF's approval of a $138M disbursement to El Salvador includes waivers for prior Bitcoin-related breaches but reaffirms constraints on further state-funded BTC accumulation (beyond documented donations). This reduces near-term risk of forced liquidation while limiting incremental sovereign demand. Ongoing requirements around disclosure, governance, and unwinding remaining public exposure (including Chivo) keep policy uncertainty elevated and could resurface in future program reviews.
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The IMF completed the second and third reviews of El Salvador’s $1.4 billion loan program on Oct. 1, clearing an immediate disbursement of about $138 million. El Salvador holds about 7,794 Bitcoin worth roughly $666.1 million. Under the IMF program, the government has recommitted to limits on further state Bitcoin accumulation, narrowing its ability to expand reserves using the public balance sheet.