El Salvador discloses largest single-day BTC purchase of $100 million as bitcoin dips lower

El Salvador added 1,090 BTC to its holdings on Monday evening, marking the largest single-day acquisition the country has ever made.

According to its Bitcoin Office, the country acquired around $100 million worth of bitcoin at 6:01 p.m., eastern time. This purchase brought its total holdings to 7,474 BTC, worth roughly $676 million.

El Salvador, led by pro-bitcoin President Nayib Bukele, has been accumulating bitcoin consistently, making daily purchases of 1 BTC since November 2022.

Monday's addition of 1,090 BTC took place as bitcoin fell to lows of under $90,000, which was the lowest level it has seen since April, according to The Block's price page. The country has historically added batches of bitcoin to its holdings during bitcoin's price dip.

Bukele shared a screenshot showing the recent bitcoin acquisition on his official X account. He has previously written on the social media platform that the country's bitcoin acquisitions will not stop.

Deal with IMF

However, it is unclear whether El Salvador actually purchased 1,090 BTC from the market, as its $1.4 billion loan agreement with the IMF explicitly requires the country's public sector not to buy bitcoin. 

In July, two of El Salvador's top finance officials stated that the country had not bought any bitcoin since February, which directly contradicts the statements from Bukele. An official IMF report said increases in bitcoin holdings in the reserve fund reflect the consolidation of Bitcoin across various government-owned wallets, rather than new purchases.

The head of the Bitcoin Office, Stacy Herbert, has previously stated that El Salvador continues to buy bitcoin in defiance of the IMF deal.

"Some 'bitcoiners' trust the words of the IMF over the stacking actions of El Salvador recorded for eternity onto the Bitcoin blockchain," Herbert wrote in March.

The Block has reached out to the Bitcoin Office for comment.