Track El Salvador · Fondo Bitcoin in your portfolio
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What is El Salvador · Fondo Bitcoin?
El Salvador is the first nation in the world to adopt Bitcoin as legal tender (September 2021) and to build a sovereign Bitcoin reserve. Its state fund accumulates around 7,500 BTC through periodic purchases —including the stated 'one Bitcoin a day' policy—, a position that hovers around 12% of its net international reserves.
History and model
On 7 September 2021, under President Nayib Bukele, El Salvador became the first country in the world to recognize Bitcoin as legal tender alongside the US dollar, through the so-called Bitcoin Law. The state rolled out the official Chivo wallet to ease adoption and began buying Bitcoin with public funds, announcing many of the purchases directly on social media. The bet positioned the country as the global laboratory of the 'nation-state model' of Bitcoin adoption —a different approach from corporate treasuries: here Bitcoin enters a sovereign's reserves, not a listed company's balance sheet.
The sovereign Bitcoin reserve
El Salvador holds a strategic reserve of around 7,500 BTC, worth roughly $600 million, representing about 12% of its net international reserves. The government has sustained a continuous accumulation policy, popularized as 'one Bitcoin a day,' and publishes on-chain addresses that allow part of the holdings to be verified. Given its relatively low average entry cost and very long horizon, the position works as a sovereign store of value rather than a trading instrument.
The IMF factor
In 2025, El Salvador closed a credit program with the International Monetary Fund worth around $1.4 billion, conditioned on moderating the state's Bitcoin exposure. Two changes marked the shift: an amendment to the Bitcoin Law that, from January 2025, made acceptance voluntary for merchants (no longer mandatory), and a commitment not to increase Bitcoin holdings in state-controlled wallets. The tension is evident: despite those commitments, public holdings have continued to grow, keeping the debate over compliance with the agreement open.
Position in SatsIntel
El Salvador is the benchmark sovereign case in the SatsIntel directory: it is not a listed company, so it has no shares, ticker or mNAV, and its Bitcoin is booked as a national reserve. It serves as a counterpoint to the corporate model of Strategy or Twenty One Capital and is analyzed alongside Bhutan as an example of the 'state model' of accumulation. For the full political and monetary context, the editorial pillar on state Bitcoin sovereignty covers both El Salvador and Bhutan.
Frequently asked questions
How many bitcoins does El Salvador hold?
El Salvador holds a sovereign reserve of around 7,500 BTC, worth roughly $600 million, equivalent to about 12% of its net international reserves. The figure is updated with the periodic purchases the government itself announces.
Is Bitcoin still legal tender in El Salvador?
Yes, but since January 2025 its acceptance is voluntary for merchants, not mandatory. The change came with an amendment to the Bitcoin Law agreed under the IMF deal; the US dollar remains the country's reference currency.
Is El Salvador still buying Bitcoin?
Yes. The government has kept up periodic purchases, including the stated 'one Bitcoin a day' policy, and public holdings have continued to rise through 2025 and 2026, despite the commitments made under the IMF agreement not to increase the state position.
What does the IMF agreement involve?
It is a credit program of around $1.4 billion closed in 2025, conditioned on reducing sovereign Bitcoin exposure: making legal tender voluntary and not increasing holdings in state-controlled wallets.
How is El Salvador different from a corporate treasury?
El Salvador is a sovereign state, not a listed company: it has no shares, ticker or mNAV, and its Bitcoin is a national reserve. It is the 'state model,' comparable to Bhutan's, as opposed to the 'corporate model' of Strategy or Twenty One Capital.
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Disclaimer: SatsIntel is for informational purposes only. It is not an authorized crypto-asset service provider (CASP) and does not provide financial, tax or legal advice. Crypto-assets are high-risk assets and may result in the total loss of the invested capital. See the legal terms.