Key Takeaways
- El Salvador paused its daily Bitcoin purchases, according to on-chain data.
- The IMF agreement requires El Salvador to scale back Bitcoin initiatives and make acceptance voluntary for businesses.
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El Salvador’s daily Bitcoin purchase strategy appears to have paused, with the last recorded purchase from the nation’s wallet, according to Arkham Intelligence, occurring on Feb. 17. The halt comes as the nation recently secured a $1.4 billion loan agreement with the International Monetary Fund (IMF).
The Central American nation currently holds over 6,000 Bitcoin, valued at approximately $586 million at current market prices. President Nayib Bukele had previously implemented a strategy of purchasing one Bitcoin daily, which began in November 2022.
In March 2024, Bukele transferred the country’s Bitcoin holdings, then approximately 5,600 Bitcoin worth over $400 million, to a cold wallet, which he dubbed “El Salvador’s first Bitcoin piggy bank.” This marked the first public disclosure of the nation’s Bitcoin wallet address, departing from his previous practice of announcing purchases solely through social media.
The IMF agreement, structured over 40 months under the Extended Fund Facility, follows four years of negotiations and requires El Salvador to modify its Bitcoin policies.
The deal is expected to attract additional financial support, potentially reaching over $3.5 billion throughout the program period.
As part of the agreement, El Salvador has committed to scaling back its Bitcoin initiatives, including making Bitcoin acceptance voluntary for private sector businesses. The country’s legislature approved amendments to its Bitcoin law in late January 2025 to align with these requirements.
El Salvador has made extra Bitcoin purchases on several occasions, deviating from its usual “one Bitcoin a day” policy.
Last December, shortly after securing the financing deal with the IMF, El Salvador added $1 million worth of Bitcoin to its strategic reserves in a single purchase.
Similarly, on February 4, El Salvador acquired 11 BTC in a single day, valued at over $1 million.
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