An unusual mystery surrounding El Salvador’s Bitcoin reserves is drawing attention across crypto circles after the International Monetary Fund confirmed that the country did not use public money to fund its recent accumulation.
The revelation was highlighted Friday by XRP-focused researcher BankXRP, who pointed to perhaps the biggest unanswered question left by the IMF’s disclosure: who actually donated the Bitcoin?
The IMF’s Sept. 3 statement says Salvadoran authorities provided documentation showing that Bitcoin accumulated since the Fund’s first program review came from private donations rather than government resources.
But the IMF did not publicly identify those private donors.
IMF finally explains El Salvador’s growing Bitcoin stash
The distinction is significant because El Salvador’s Bitcoin holdings continued to rise despite commitments made under its $1.4 billion Extended Fund Facility with the IMF.
The program was approved in February 2025, while its first review was concluded on June 27, 2025. Since then, questions have persisted over how El Salvador could continue reporting additions to its strategic Bitcoin reserve while remaining compliant with restrictions surrounding public-sector Bitcoin accumulation.
The IMF now appears to have resolved that contradiction.
“Documentation has been provided” verifying that the accumulation reflected private donations, the Fund said, while confirming that no public resources were used. It added that no further Bitcoin accumulation beyond the documented donations is expected.
Who donated the Bitcoin?
That answer creates another question.
Neither the IMF statement nor the material released alongside it names the individuals, companies or organizations behind the donations.
BankXRP seized on that missing piece in a post on X, asking who supplied the Bitcoin after the IMF effectively ruled out taxpayer financing.
There is currently no verified evidence connecting Ripple, XRP or any particular crypto company to the donations. Naming potential donors without documentation would therefore be speculation.
What is confirmed is that the IMF reviewed enough documentation to accept the explanation as part of its combined second and third program reviews.
| El Salvador Bitcoin accumulation | Status |
|---|---|
| Public funds | No |
| Private donations | Verified by IMF |
| Donor identities | Not publicly disclosed |
The Bitcoin disclosure came alongside a broader restructuring of El Salvador’s crypto operations. Public participation in the Chivo wallet has been substantially unwound, with majority ownership and operational control transferred to a private operator. The government retains a minority stake and custodial responsibilities for customer assets.
The IMF and Salvadoran authorities also agreed to strengthen the country’s legal, regulatory and supervisory framework for digital assets and improve transparency around government crypto holdings.
Meanwhile, the staff-level agreement could unlock another approximately $140 million for El Salvador if it receives IMF Executive Board approval and required prior actions are completed.
So the IMF appears satisfied about where the money did not come from.
Crypto watchers are now focused on what the statement leaves unanswered: who gave El Salvador the Bitcoin?
