According to CoinWorld, a letter signed by two top finance officials in El Salvador indicates that the country has not purchased any Bitcoin since reaching a financing agreement with the International Monetary Fund (IMF) in February 2025, which directly contradicts statements from the country's president Nayib Bukele and his Bitcoin office. This letter, released as part of the IMF's first project review on July 15, states, "The stock of Bitcoin held by the public sector remains unchanged." An accompanying document indicates that El Salvador has provided the IMF with the addresses of all hot and cold wallets for review and monitoring. The letter was signed by Central Bank President Douglas Pablo Rodríguez Fuentes and Finance Minister Jason Rogelio Posada Molina. However, since Bukele announced the plan in November 2022, the Bukele administration has repeatedly touted a new initiative to buy one BTC daily. The country's Bitcoin office claims that the country's Bitcoin reserves hold approximately 6,242 BTC, valued at about $737 million. Blockchain intelligence firm Arkham supports the daily transfer of 1 BTC, which primarily comes from addresses marked as Binance or Bitfinex hot wallets. Bukele had previously stated that despite the agreement with the IMF, which provided El Salvador with a loan of $1.4 billion but required the country to reduce its Bitcoin activities, he would not stop purchasing BTC. "If [buying BTC] did not stop when the world rejected us and most 'bitcoiners' abandoned us, it will not stop now, nor will it in the future," Bukele previously stated on X. However, new reports suggest that these may not be purchase activities, but rather the El Salvador government integrating the Bitcoin it already owns. The IMF report noted in a footnote: "The increase in Bitcoin holdings in the strategic Bitcoin reserve fund reflects the consolidation of Bitcoin in wallets owned by the respective governments." Stacy Herbert, head of the Bitcoin office, previously stated that El Salvador continues to purchase Bitcoin to counter the IMF agreement. "Some 'bitcoiners' believe the IMF's words rather than the eternal stacking behavior recorded by El Salvador on the Bitcoin blockchain," Herbert wrote on X in March. (The Block) The Bitcoin office was not immediately reachable for comment. The IMF had previously stated that the increase in Bitcoin in the country's reserves does not violate the terms of the financing agreement. "We consulted with the authorities, and they assured us that the recent increase in Bitcoin holdings in the strategic Bitcoin reserve fund is consistent with the agreed project conditions," the IMF told a Forbes contributor in March. [The Block]

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