- The US is the government that held the highest volume of Bitcoin as of early 2025.
- Other governments holding the most BTC include China, the UK, Ukraine, Bhutan, and El Salvador.
- Governments accumulate Bitcoin through seizures, mining, and outright purchases.
President Donald Trump recently signed an executive order to establish a Strategic Bitcoin Reserve, utilizing tokens the government already owned. The move ignited debate within the crypto industry, especially because Trump expanded the reserve beyond Bitcoin to include a selection of altcoins.
Industry leaders quickly voiced their views on the cryptocurrency reserve, drawing attention to a key area of the Bitcoin market: national governments. The move re-emphasized the fact that some governments hold Bitcoin through outright purchases, seizures, or other means.
Here are the top countries with national Bitcoin portfolios in 2025, detailing how they came to acquire their BTC holdings and future plans to increase them. We also note nations currently undecided on the future of their cryptocurrency custody.
Top 6 Countries Holding Bitcoin Reserves in 2025:
United States of America
The US government possesses 207,189 Bitcoins as of early 2025. Significantly, most of this volume originates from law enforcement seizures with well-documented sources.
The largest seizure by the US government came from the 2016 Bitfinex hack. US law enforcement recovered 94,643 BTC from Ilya Lichtenstein and Heather Morgan. These seized assets remain in government custody and will form part of the Strategic Bitcoin Reserve.
Beyond the 2016 Bitfinex hack, the US Justice Department seized 69,370 BTC from a wallet linked to the Silk Road dark web marketplace in 2020. Other Bitcoin seizures contributing to the US Bitcoin holdings include an additional 12,267 BTC seized from Bitfinex, 9,800 BTC confiscated from James Zhong, another Silk Road-related figure, and another 2,818 BTC linked to a Bitfinex hack.
These seizures, alongside other smaller confiscations, comprise the 207,189 Bitcoins the US government held in early 2025.
Related: Donald Trump Makes It Official: Strategic Bitcoin Reserve, Altcoin Stockpile Is Law
China: Silent Bitcoin Powerhouse
Like the US, China holds a sizable amount of Bitcoin. Though the Asian nation has never disclosed its Bitcoin holdings, it is known to have seized nearly 195,000 BTC from the PlusToken Ponzi scheme in 2020.
Importantly, the Chinese government transferred the coins to the national treasury in 2023 but has not clarified whether it sold them. However, most crypto analysts believe China did not sell the Bitcoin and may opt to create a Bitcoin reserve down the line.
Related: China Mulls Strategic Bitcoin Reserve? Policy Shift Speculation Shakes Crypto Market
United Kingdom: Bitcoin Confiscation for Money Laundering Enforcement
The UK has followed China and the US in acquiring Bitcoins through confiscation. However, the volume of Bitcoins seized by the UK is considerably less than that of the US and China.
Analysis of the UK’s Bitcoin holdings shows the European nation held only 61,245 BTC. Law enforcement agencies were primarily responsible for the UK’s Bitcoin acquisition. For the UK, the main focus was money laundering. Therefore, the government’s focus in that area led to the Bitcoin seizure.
Ukraine: Crypto Donations Despite Conflict
The ongoing war between Russia and Ukraine prompted the latter to seek donations through alternative transaction protocols. The Ukrainian government accepts donations in Bitcoin chiefly to fund its defense and humanitarian initiatives stemming from the current conflict.
The total number of Bitcoins that the Ukrainian government possessed as of the first quarter of 2025 was 46,351 BTC. That volume positions Ukraine as the fourth-largest government to hold Bitcoin as of early 2025.
Bhutan: Bitcoin Mining for Economic Diversification
The Kingdom of Bhutan is known for engaging in cryptocurrency mining, part of a wider strategy to pursue digital assets. The nation’s Bitcoin reserve contains about 13,029 BTC, making it the fifth-largest government-owned Bitcoin reserve.
Bhutan started mining Bitcoin in 2019 but did so quietly, remaining unnoticed by many industry analysts until years later. The country’s Bitcoin reserve represents nearly 30% of its GDP, with reports indicating that the state-owned Druk Holding & Investments (DHI) mines between one and five Bitcoins daily.
It is worth noting that Bhutan adopted a Bitcoin program as an alternative revenue source to support its primary industry, tourism. The government increased its efforts in Bitcoin mining after the near collapse of the tourism industry during the pandemic. Since then, crypto mining has become a major income source for the Himalayan nation.
El Salvador: Bitcoin Adoption as Legal Tender & Reserve
El Salvador adopted a Bitcoin law in September 2021, becoming the first country to adopt the cryptocurrency as legal tender. The South American country, under President Nayib Bukele, implemented the Bitcoin project to promote financial inclusion, create jobs, and facilitate remittances.
Bukele has guided El Salvador into a Bitcoin stockpile program, with the country engaging in outright BTC purchases. As of 20 25, El Salvador owned about 6,105 BTC, making it the sixth-largest nation to hold Bitcoin in reserve. Notably, the South American nation proceeded with its Bitcoin program despite pushback from high-end institutions, including the IMF.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
