El Salvador’s Bitcoin Office disclosed a landmark acquisition of 1,090 BTC on Monday evening, representing the country’s largest single-day bitcoin purchase to date.
According to government sources, the transaction was valued at approximately $100 million and executed at 6:01 p.m. Eastern time.
This addition brings El Salvador’s total bitcoin reserves to 7,474 BTC, now worth an estimated $676 million.
President Nayib Bukele has maintained a consistent bitcoin buying strategy, having made daily purchases of 1 BTC since November 2022.
Price-driven accumulation
The record purchase coincided with a notable decline in bitcoin’s price, which dropped below $90,000—the lowest level since April.
El Salvador has a track record of increasing its bitcoin holdings during periods of market weakness.
Questions over IMF agreement
Despite the public announcement, uncertainty lingers over whether the 1,090 BTC were sourced directly from the market.
El Salvador’s $1.4 billion loan agreement with the IMF prohibits new bitcoin purchases by the public sector.
In July, finance officials claimed the country had not acquired additional bitcoin since February, contradicting President Bukele’s statements. The IMF has stated that increases in government-held bitcoin reflect consolidation of existing holdings across wallets, not new market buys.
Ongoing commitment
Stacy Herbert, head of the Bitcoin Office, has emphasized the country’s continued bitcoin accumulation. Herbert wrote:
“Some ‘bitcoiners’ trust the words of the IMF over the stacking actions of El Salvador recorded for eternity onto the Bitcoin blockchain.”
The government has yet to clarify the source of the latest acquisition amid ongoing questions from international observers.
