El Salvador’s President Nayib Bukele has firmly rejected allegations that the government transferred control of its national Bitcoin reserves to a private operator. The claims emerged after a major Spanish newspaper cited an International Monetary Fund statement, suggesting majority ownership and operational control of more than 7,763 BTC, valued at over $632 million, had shifted to private hands.

Bukele described the reports as totally false and accused the outlets of misleading readers. He pointed directly to the IMF press release, stating that it shows the opposite of what was claimed. According to the president, the only transfer involved shares in the state-backed Chivo wallet, an arrangement first offered about a year and a half earlier, and not the country’s strategic Bitcoin reserve.

IMF Statement and Clarification on Reserves

The controversy centers on wording in a recent IMF communication tied to El Salvador’s Extended Fund Facility program. The fund indicated that majority stake and operational control of a government-linked entity had moved to a private operator. Bukele and subsequent clarifications established that this referred solely to the Chivo wallet rather than the sovereign Bitcoin holdings, which exceed 7,763 BTC and stand at more than 7,766 BTC in some tallies.

The IMF also noted that documents provided by El Salvador showed Bitcoin accumulated since the first review of the program on June 27, 2025, originated from private donations. No public funds were used for purchases during that period, and the fund indicated it did not expect further accumulation beyond those documented donations.

Despite that assessment, El Salvador has continued adding to its Bitcoin holdings after the IMF announcement.

Program Reviews and Economic Progress

An IMF delegation reached an agreement with El Salvador to combine the second and third reviews of the Extended Fund Facility. Pending Executive Board approval and completion of agreed preconditions, the country stands to gain access to approximately $140 million in additional financing.

In its assessment, the IMF stated that economic activity has outperformed expectations while fiscal and external imbalances are being addressed in line with program commitments. Bukele highlighted these points, noting that El Salvador has achieved a primary fiscal surplus and surpassed all economic growth forecasts. He attributed the results to improved security and investor confidence, along with a significant reduction in poverty and greater efficiency in public services.

The president’s response comes as El Salvador maintains its long-standing Bitcoin strategy, which began with the adoption of the cryptocurrency as legal tender. The latest episode centers on precise interpretation of official language rather than any change in ownership of the national reserve itself.