El Salvador bitcoin reserves not transferred, Bukele says

El Salvador President Nayib Bukele denied on Friday that the country had transferred its Strategic Bitcoin Reserve to a private operator as part of a loan agreement with the International Monetary Fund.

Bukele wrote on X that “the only thing that was transferred were Chivo's shares” and “NOT the Strategic Bitcoin Reserve,” denying earlier media reports.

The IMF announced a preliminary deal with El Salvador on Thursday, unlocking $140 million in fresh funding as part of an austerity reform program linked to a $1.4 billion arrangement.

The IMF said public participation in the Chivo wallet had been substantially unwound and that efforts were under way to improve transparency around Bitcoin holdings. It said majority ownership and operational control had been transferred to a private operator, while the government retained a minority stake and custodial responsibilities for customer assets.

El Salvador made bitcoin legal tender in 2021 alongside the US dollar. As part of IMF negotiations, the government removed bitcoin as legal tender in January.

The IMF said it determined that El Salvador’s continued bitcoin purchases were financed by private donations rather than public money, and that no further Bitcoin accumulation beyond documented donations was expected.