El Salvador announced it acquired 1,090 bitcoins on Monday evening, marking the largest single-day bitcoin purchase by the country to date. The transaction, valued at approximately $100 million, increased its total bitcoin holdings to 7,474 BTC, worth about $676 million.
The purchase coincided with a dip in bitcoin prices to under $90,000, the lowest level since April. This move aligns with El Salvador’s pattern of increasing its bitcoin reserves during price declines.
Details of Bitcoin Accumulation
According to the Bitcoin Office, the acquisition occurred at 6:01 p.m. Eastern Time. Since November 2022, El Salvador, under President Nayib Bukele, has been steadily adding 1 BTC daily to its reserves.
Bukele shared confirmation of the purchase via a screenshot on his official X account, reiterating that bitcoin acquisitions will continue.
Questions Over Compliance With IMF Agreement
Despite the announcement, questions remain about the source of the 1,090 BTC purchase. El Salvador holds a $1.4 billion loan agreement with the International Monetary Fund (IMF), which includes provisions barring public sector bitcoin acquisitions.
In July, senior finance officials from El Salvador stated that the country had not acquired bitcoin since February, contradicting Bukele’s recent statements. An IMF report indicated that increases in bitcoin reserves reflect internal consolidation across government wallets rather than new market purchases.
Stacy Herbert, head of the Bitcoin Office, has previously claimed that El Salvador continues bitcoin purchases despite the IMF restrictions. In March, she noted the difference between official IMF statements and on-chain evidence of bitcoin accumulation by the country.
