Points of focus

• El Salvador bought 1,090 BTC on November 17 — its largest single-day addition — pushing holdings to 7,474 BTC ($676M).
• The purchase appears to breach the 2024 IMF agreement prohibiting new public-sector bitcoin acquisitions.
• Officials have previously denied ongoing buys; on-chain data and Bukele’s disclosure now contradict that stance.

El Salvador acquired 1,090 BTC worth roughly $100 million on November 17, 2025, its biggest one-day purchase ever. 

The purchase is even more noteworthy, given that it was executed at a time when Bitcoin fell below $91,000, and in apparent breach of its IMF loan agreement.

The transaction, timestamped 6:01 p.m. EST, lifted national holdings to 7,474 BTC, valued at $676 million at the time of writing, according to the official Bitcoin Office dashboard and a screenshot posted by President Nayib Bukele on X.

Hooah! pic.twitter.com/KxMVbUrcGE

— Nayib Bukele (@nayibbukele) November 18, 2025

The buy fits El Salvador’s long-standing pattern of adding aggressively during dips. Since November 2022, it has purchased at least 1 BTC daily, with larger batches reserved for sharp sell-offs.

IMF conflict resurfaces

The purchase directly contradicts a $1.4 billion Extended Fund Facility signed with the IMF in 2024, which explicitly bars the public sector from acquiring new bitcoin.

In July 2025, Finance Minister Alejandro Zelaya and Central Bank President Douglas Rodríguez told reporters that no new purchases had occurred since February 2025. The IMF’s own review in September attributed reserve increases to internal wallet consolidation, not market buys.

Stacy Herbert, head of the Bitcoin Office, has repeatedly dismissed IMF claims. “Some bitcoiners trust the IMF’s words over El Salvador’s immutable on-chain actions,” she wrote in March 2025.

Requests for clarification from the Bitcoin Office regarding the source of funds and whether the purchase violated the IMF accord have received no response so far. 

Market context

Bitcoin traded at $90,900 at press time, down 4.98% on the day and down 28% from its October peak. 

With this purchase, El Salvador’s average acquisition price now sits around $58,000 per BTC, leaving the country with an unrealized gain of roughly $280 million despite the current drawdown.

The timing shows Bukele’s purchase strategy. “We will never sell,” he wrote in 2024, designating bitcoin as a permanent reserve asset for the country, alongside the U.S. dollar.