El Salvador Bitcoin Stash Drops Near $500m as IMF Loan Review Stays Stalled

TLDR

• El Salvador holds 7,560 BTC worth about $503.8m, down from about $800m in Oct 2025.
• Bitcoin is nearly 50% below its Oct 2025 peak, cutting the treasury value by about $300m.
• IMF’s $1.4bn program began Feb 26 2025; $231m was disbursed after the June 2025 review.
• Credit default swaps hit a five-month high as $450m is due this year and near $700m next year.

El Salvador’s Bitcoin strategy is facing renewed pressure as prices fall and financing talks continue. The country’s national Bitcoin treasury is now worth far less than it was at the market peak. Official data shows the state holds 7,560 BTC, valued near $503.8 million. That is down from about $800 million at Bitcoin’s October 2025 high.

Treasury losses widen as daily purchases continue

Data from El Salvador’s Bitcoin Office puts the reserve at 7,560 BTC. Bloomberg reported the portfolio has fallen by nearly $300 million in about four months. Bitcoin’s price has fallen close to 50% from its October 2025 peak. The decline has reduced the market value of the state’s digital assets.

President Nayib Bukele has kept the buying plan in place. The government continues to add one Bitcoin per day. The policy increases exposure to price swings because holdings rise during market drops. The Bitcoin Office data shows the country has not paused accumulation.

IMF program faces friction over Bitcoin and reform delays

The International Monetary Fund has raised concerns about fiscal risks linked to Bitcoin. It has also focused on transparency and risk management. The IMF approved a 40-month Extended Fund Facility on February 26, 2025. Official IMF documents put total access at about $1.4 billion.

The first review ended in June 2025, and about $231 million was disbursed. The second review has been on hold since September 2025. Bloomberg reported the delay followed a late publication of a pension system analysis. During that period, the government continued Bitcoin purchases.

“The IMF may take issue with disbursements potentially being used to add Bitcoin,” said Christopher Mejia of T Rowe Price. He also said the price drop does not ease concerns. A third review is scheduled for March, and future disbursements depend on review completion. Investors are watching whether policy changes are requested as conditions.

Bond market signals rise as payments approach and assets shift

Credit default swaps on El Salvador’s debt have risen to a five-month high, according to Bloomberg-compiled data. The move suggests higher perceived repayment risk. Bond obligations also draw attention because near-term payments are sizable. The country faces about $450 million in bond payments this year.

Bloomberg-compiled figures show obligations rise to nearly $700 million next year. Traders are linking these dates to IMF review progress. “The market would react quite poorly if the anchors provided by the IMF were no longer present,” said Jared Lou of William Blair. He tied sentiment to the review path.

El Salvador has also adjusted its reserve mix outside crypto. Last month, it spent $50 million to buy gold as demand for the metal rose. Other state holders have taken different steps during the same period. Bhutan sold about $22.4 million of Bitcoin, while El Salvador kept accumulating.

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