Bukele Rejects Reports El Salvador Moved Its Bitcoin Reserves in Chivo Restructuring

El Salvador President Nayib Bukele dismissed reports that the government transferred its sovereign Bitcoin holdings to a private operator, saying the change was limited to the ownership and management of the state-backed Chivo wallet. The controversy followed an IMF statement dated Sept. 3 tied to El Salvador's economic program. Bukele said only equity in the Chivo operating entity shifted to a private operator, which now holds majority ownership and day-to-day control. The government kept a minority stake. The IMF noted separately that the government remains the custodian of customer assets. At the center of the dispute are two distinct pools of assets. Chivo, launched in 2021, functions as the government-backed Bitcoin payments wallet. El Salvador's Strategic Bitcoin Reserve is the sovereign BTC holding and, according to the disclosure, remains separate from Chivo. The reserve totals about 7,763 BTC, valued at more than $600 million, with estimates ranging from $618 million to $632 million. In its latest documentation, the IMF said El Salvador submitted records covering Bitcoin acquired since the first review of its Extended Fund Facility (EFF) program on June 27, 2025. The IMF stated that all Bitcoin added since that date came from private donations and that no public funds were used for purchases. It also said the authorities do not anticipate further accumulation beyond the documented donations. The IMF disclosure accompanied an agreement related to the second and third EFF reviews under El Salvador's $1.4 billion program. Subject to prior actions and Executive Board approval, the country could receive about $140 million. The IMF also addressed changes to Chivo's ownership and operating structure under the program, confirming the transfer of majority ownership and operational control to a private operator. Bukele argued that linking that restructuring to a handover of sovereign BTC is incorrect. El Salvador rolled out Chivo alongside its 2021 policy granting Bitcoin legal-tender status, including a $30 Bitcoin incentive for new users. As part of conditions associated with the IMF program, the country revoked Bitcoin's legal-tender status in 2025. The Strategic Bitcoin Reserve, the government said, remains under state control.