El Salvador Doubles Down on Bitcoin With $100M Buy During Price Crash

TLDR

• El Salvador purchased 1,090 BTC on Monday in its largest single-day acquisition, worth approximately $100 million
• The purchase brought the country’s total holdings to 7,474 BTC, valued at around $676 million
• The buy occurred as bitcoin fell below $90,000, its lowest level since April 2025
• Questions remain about whether this was a market purchase, as El Salvador’s $1.4 billion IMF loan agreement prohibits the public sector from buying bitcoin
• El Salvador has been making daily 1 BTC purchases since November 2022 under President Nayib Bukele’s direction

El Salvador made its largest single-day bitcoin acquisition on Monday. The country added 1,090 BTC to its reserves at 6:01 p.m. eastern time.

The purchase was worth approximately $100 million. This brought El Salvador’s total holdings to 7,474 BTC, valued at roughly $676 million.

President Nayib Bukele shared a screenshot of the acquisition on his X account. The timing coincided with bitcoin dropping below $90,000 for the first time since April 2025.

El Salvador has historically purchased bitcoin during price dips. The country has been making daily purchases of 1 BTC since November 2022.

Over the past seven days, El Salvador accumulated 1,098.19 BTC total. This includes both the large single-day purchase and the ongoing daily acquisitions.

IMF Agreement Raises Questions

The purchase raises questions due to El Salvador’s loan agreement with the International Monetary Fund. The $1.4 billion deal explicitly requires the country’s public sector not to buy bitcoin.

In July, two of El Salvador’s top finance officials stated the country had not bought bitcoin since February. This contradicts statements from President Bukele about ongoing purchases.

An official IMF report suggested that increases in bitcoin holdings reflect consolidation across government wallets. The report indicated these were not new purchases from the market.

Stacy Herbert, head of El Salvador’s Bitcoin Office, previously stated the country continues buying bitcoin despite the IMF deal. She wrote in March that some people trust the IMF’s words over El Salvador’s recorded blockchain transactions.

Herbert has described bitcoin as representing freedom and transparency. She stated that President Bukele embraced it as legal tender to distribute power rather than consolidate it.

Market Context and Other Buyers

Bitcoin fell 4.91% to $90,708 in the 24 hours following the purchase. At the time of reporting, bitcoin was trading at $90,268.

Short-term holders sold 148,000 BTC at a loss. This represents the largest such event since April 2025, according to market analysis.

André Dragosch, European Head of Research at Bitwise, noted that sovereign nations are buying during the price decline. This could signal a shift in global financial strategies.

The Czech National Bank recently revealed its first direct exposure to digital assets. The bank purchased bitcoin and other cryptocurrencies worth $1 million.

El Salvador became one of the early national adopters of bitcoin. The country made bitcoin legal tender under Bukele’s administration.

The Bitcoin Office continues to track and report the country’s holdings publicly. These records are maintained on the blockchain for verification.

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