El Salvador Purchases $100 Million Bitcoin During Market Drop Below $90,000

TLDR

• El Salvador purchased 1,090 BTC worth $100 million on Monday evening during a market dip
• The purchase brings El Salvador’s total Bitcoin holdings to 7,474 BTC valued at $676 million
• Questions remain about whether this violates El Salvador’s IMF loan agreement that prohibits new Bitcoin purchases
• Bitcoin fell below $90,000 for the first time since April 2025 during the purchase
• The country has been buying 1 BTC daily since November 2022 under President Nayib Bukele’s strategy

El Salvador made its largest single-day Bitcoin purchase ever on Monday evening, acquiring 1,090 BTC worth approximately $100 million. The purchase occurred at 6:01 p.m. Eastern time as Bitcoin prices dropped below $90,000.

The acquisition brings El Salvador’s total Bitcoin holdings to 7,474 BTC. The country’s Bitcoin reserves are now worth roughly $676 million according to the Bitcoin Office.

President Nayib Bukele shared a screenshot of the purchase on his X account. The pro-Bitcoin leader has maintained an aggressive accumulation strategy since making Bitcoin legal tender in 2021.

El Salvador has been purchasing 1 BTC daily since November 2022. Bukele previously stated on social media that the country’s Bitcoin acquisitions will not stop.

The timing of Monday’s purchase coincided with Bitcoin falling to its lowest level since April 2025. The cryptocurrency dropped 4.91% in 24 hours to trade at $90,708.

IMF Agreement Complications

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

Two of El Salvador’s top finance officials stated in July that the country had not bought any Bitcoin since February. This statement directly contradicts claims from President Bukele about ongoing purchases.

An IMF report suggested that increases in Bitcoin holdings reflect consolidation of existing Bitcoin across government wallets. The report claimed these were not new purchases from the market.

Stacy Herbert, head of the Bitcoin Office, has openly stated that El Salvador continues buying Bitcoin despite the IMF deal. She wrote in March that some people trust the IMF’s words over El Salvador’s blockchain-recorded actions.

The Bitcoin Office has not responded to requests for clarification about the purchase. The discrepancy between official statements and reported purchases remains unresolved.

Market Response and Timing

Short-term Bitcoin holders panic-sold 148,000 BTC at a loss during the recent price drop. This represents the largest selling event from short-term holders since April 2025.

El Salvador’s purchase over the past week totals 1,098 BTC according to government data. The nation has consistently bought during market downturns as part of its strategy.

Bitcoin traded at $90,268 at the time of writing Tuesday morning. The Asian markets opened with continued selling pressure on the cryptocurrency.

André Dragosch from Bitwise noted that sovereign nations are buying during price dips. The Czech National Bank recently purchased $1 million worth of Bitcoin and other cryptocurrencies.

President Bukele has accumulated Bitcoin holdings even as the market experiences increased volatility. The latest purchase data shows El Salvador bought 1,098.19 BTC over seven days ending Tuesday.