The Daily: IMF says it will ‘ensure’ El Salvador does not buy additional bitcoin, GameStop scoops up its first 4,710 BTC, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! JD Vance made history at Bitcoin 2025, becoming the first sitting U.S. Vice President to speak at a crypto conference. His remarks, however, did little to jolt the market, mostly echoing earlier statements, as BTC continues to drift from its recent all-time high.

In today’s newsletter, the IMF says it will ensure El Salvador doesn’t buy any more bitcoin, GameStop buys 4,710 BTC for its new corporate treasury, K33 takes a look at why Strategy’s bitcoin buying pace may be softening, and more.

Meanwhile, the U.S. Labor Department reverses course on crypto in 401(k) plans, accusing the Biden administration of placing its “thumb on the scale.”

Let’s get started.

IMF says it will ‘ensure’ El Salvador does not buy additional bitcoin

The International Monetary Fund said it will “ensure” that El Salvador’s government bitcoin holdings do not increase under the terms of their loan deal.

• The IMF’s latest statement follows a staff-level agreement with El Salvador on the first review of their Extended Fund Facility arrangement.
• That comes despite President Nayib Bukele’s continued championing of bitcoin, recently signaling he has no intention of halting purchases despite pressure from the IMF.
• El Salvador and the IMF reached a $1.4 billion financing agreement last year that included strict limits on Bitcoin-related activities.
• That included El Salvador’s Congress approving legal amendments to align its Bitcoin Law with the IMF deal, including making bitcoin acceptance optional.
• The IMF argues that El Salvador’s bitcoin reserves pose potential risks, though none have materialized so far.
• Just hours after the IMF reiterated its stance, El Salvador’s Bitcoin Office revealed it bought 8 more BTC, raising its total holdings to around 6,190 BTC, worth $664 million.

GameStop scoops up its first 4,710 BTC

Video game retailer GameStop disclosed Wednesday it has bought 4,710 BTC for its corporate treasury, aligning with its new bitcoin reserve policy.

• The company’s bitcoin stash is worth roughly $505 million based on current prices, though GameStop did not disclose the exact purchase period and average purchase cost in its 8-K filing with the SEC.
• GameStop’s board approved the bitcoin treasury policy in March, and the firm subsequently raised $1.5 billion via a convertible note offering in April to fund the initiative.
• The firm joins a growing list of corporate bitcoin holders, including Strategy, Metaplanet, and Semler Scientific, with Trump Media also planning to join the accumulation race.
• However, GME stock fell around 10% on Wednesday following the news before recovering slightly.

Strategy’s bitcoin buy pace slows amid shrinking premium and rising competition

Strategy (formerly MicroStrategy) has continued its aggressive bitcoin acquisitions in recent weeks, albeit at an increasingly softer pace than its November peak.

• The company raised just $348.7 million for its latest 4,020 BTC buy from its new $21 billion MSTR ATM program — down from $705.7 million the week before and $1.31 billion between May 5 and May 11.
• This slowdown reflects a declining premium for MSTR relative to its bitcoin holdings and increased competition in the corporate treasury space, according to K33 Head of Research Vetle Lunde.
• “The past week, particularly Friday, saw a sharp retracement of MSTR’s market premium to its BTC holdings, declining from 185% to 163%, with premiums hitting lows not seen since April 8,” Lunde added. “Aggressive dilution accelerates the contracting premiums, potentially forcing MSTR into more moderate ATM raises.”

Dragonfly co-leads $36 million Series A in cross-border payment startup Conduit

Conduit has raised $36 million in a Series A funding round co-led by Dragonfly and Altos Ventures to expand its blockchain-powered cross-border payments platform.

• Sound Ventures, Commerce Ventures, DCG, and Circle Ventures, which is the investment arm of the issuer of the USDC stablecoin, also participated in the round.
• The startup integrates stablecoins, U.S. dollars, and local currencies to enable near-instant global transfers across major and local payment networks.
• As stablecoins gain traction and global demand grows for faster payments, Conduit joins an increasingly crowded field of crypto and fintech players seeking to bridge the gap between traditional banking and stablecoin technology.

Trump’s crypto czar David Sacks outlines pathway to expand US Strategic Bitcoin Reserve

During a fireside chat with Gemini co-founders Cameron and Tyler Winklevoss at Bitcoin 2025 on Tuesday, President Trump’s crypto czar David Sacks said the U.S. could expand its Strategic Bitcoin Reserve using budget-neutral strategies like repurposed government surpluses without adding debt or taxes.

• Sacks outlined the pro-crypto policies already enacted by the Trump administration, including banning CBDCs, pardoning Ross Ulbricht, and dismantling Operation Choke Point 2.0.
• He said the administration is aiming to finalize its crypto agenda by August, with key legislation on stablecoins and market structure expected to pass in the coming months.

In the next 24 hours

• U.S. jobless claims and GDP data are released at 8:30 a.m. ET on Thursday.
• U.S. FOMC members Thomas Barkin, Adriana Kugler, and Mary Daly are scheduled to speak at 8:30 a.m., 2 p.m., and 4 p.m., respectively. Bank of England Governor Andrew Bailey will speak at 3 p.m.
• Bitcoin 2025 concludes in Las Vegas.

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