Crypto
As of January 2025, governments around the world collectively hold approximately 471,000 Bitcoin (BTC), a staggering 2.5% of the total Bitcoin supply. With the current market price sitting at $34,750 per Bitcoin, this amounts to a mind-blowing $16.37 billion. But how did these governments come to own such vast amounts of Bitcoin?
Governments have acquired Bitcoin in various ways, including criminal asset seizures, strategic purchases, and public donations. Increasingly, they are exploring how to use Bitcoin as both a financial asset and a tool for modernizing economic systems.
| Rank | Country | Bitcoin Holdings (BTC) | Approximate Value (USD) | Primary Acquisition Method | Notes |
| 1 | United States | 212,000 | $7.37 billion | Criminal seizures (Silk Road, Bitfinex, etc.) | Largest holder; reserves impact the market significantly. |
| 2 | China | 194,000 | $6.74 billion | Seized from the PlusToken Ponzi Scheme | Retains Bitcoin despite crypto trading ban. |
| 3 | United Kingdom | 61,000 | $2.12 billion | Seizures from money laundering and fraud operations | Proactively auctions Bitcoin to fund law enforcement efforts. |
| 4 | Bhutan | 13,029 | $780 Million | Bitcoin Mining | Bitcoin mining through renewable hydropower |
| 5 | El Salvador | 5,800 | $201 million | Actively purchased for national adoption strategy | First country to adopt Bitcoin as legal tender. |
| 6 | Ukraine | 1,200 | $41.7 million | Public donations during the Russia-Ukraine conflict | Bitcoin used for humanitarian and military funding. |
| 7 | Finland | 1,890 | $65.6 million | Seized during narcotics trafficking investigations | Sold some Bitcoin to fund social programs. |
| 8 | Germany | 0 | $0 | Seizures from cybercrime (previously held 46,359 BTC) | Exploring the potential use of Bitcoin for a national digital asset fund. |
| 9 | India | 450 | $15.6 million | Seized in crypto fraud investigations | Exploring potential use of Bitcoin for a national digital asset fund. |
1. United States
The U.S. holds the largest government Bitcoin reserve, mostly obtained through enforcement actions against cybercriminals and dark web markets.
- Bitcoin Holdings: 212,000 BTC
- Approximate Value: $7.37 billion
Accumulation Source:
- Silk Road shutdown that led to the seizure of 69,370 BTC.
- Bitfinex hack case where the government recovered 94,636 BTC from hackers in 2022.
- Jimmy Zhong’s arrest in 2022 where 50,676 BTC were seized.
Current Status: The U.S. typically auctions off part of its holdings, while retaining a significant portion for long-term storage or study. These actions can influence the market, as past sales have affected Bitcoin prices.
2. China
China holds the second-largest Bitcoin reserve, thanks to its crackdown on fraudulent schemes.
- Bitcoin Reserves: 194,000 BTC
- Estimated Worth: $6.74 billion
Accumulation Source: China’s Bitcoin was mainly acquired through the PlusToken Ponzi Scheme, where the scam made off with more than $2 billion in Bitcoins and Ethers.
Current Status: Although it has banned all crypto trading activities, China is keeping its confiscated Bitcoin rather than liquidating it and may be hoarding it to hedge against the continued rise of digital currency as a global currency.
3. United Kingdom
Due to the forceful effort to curb financial crimes related to using digital assets, the United Kingdom has become one of the leading powers.
- Bitcoin Holdings: 61,000 BTC
- Estimated Worth: About $2.12 billion in value
Accumulation Source: Bitcoin seized from illegal money laundering and fraud activities, including cases related to Chinese operators running illegal exchanges.
Current Status: The UK government often auctions seized Bitcoin, using the proceeds to fund law enforcement efforts.
4. Bhutan
Bhutan now accounts for the sum of 13,029 BTC which is worth over $780 million, being considered the world’s fourth biggest state Bitcoin owner. This portfolio in terms of shares makes it equate to about 25% of Bhutan’s GDP, where the big BTC reserve reflects this distinct approach from other countries integrating crypto into national economics.
- Bitcoin Holdings: 13,029 BTC
- Estimated Worth: $780 million.
Accumulation Source: Unlike other governments that are acquiring Bitcoin by seizure or purchase, Bhutan acquired its Bitcoin from its investment in Bitcoin mining with the use of its vast, sustainable hydropower resources.
Current Status: It is a greener strategy as it supports the country’s policy of more extensive renewable energy commitments, which has placed Bhutan at the centre of the fast-emerging area of cryptocurrency and environmental sustainability.
5. El Salvador
El Salvador made history as the first country to adopt Bitcoin as legal tender. Its Bitcoin holdings are actively being purchased as part of a broader national strategy.
- Bitcoin Holdings: 5,800 BTC
- Approx. Value: $201 million
Accumulation Source: Purchased as part of the country’s Bitcoin adoption plan, including the “1 Bitcoin per Day” program launched in late 2022.
Current Status: Bitcoin is used for various purposes in El Salvador, including funding infrastructure development and promoting financial inclusion through the Chivo Wallet.
6. Ukraine
Ukraine’s Bitcoin holdings are primarily sourced from public donations during the ongoing conflict with Russia.
- Bitcoin Reserves: 1,200 BTC
- Estimated Value: $41.7 million
Accumulation Source: In February 2022, the Ukrainian government made its Bitcoin wallet addresses public on social media and sought donations to supplement its military’s funding. Many people and institutions from all over the world donated to this effort.
Current Status: Despite the government taking in more than 1,300 BTC, the active utilization of these funds for humanitarian and military purposes has resulted in 1,200 BTC being set aside.
7. Germany
Germany has been known to confiscate large amounts of Bitcoin from cybercrime operations. As of January 2025, however, the country no longer maintains any Bitcoin reserves.
- Previous Balance: 46,359 BTC
- Liquidation Value: $1.58 billion
Source: Seizures of bitcoins from online piracy sites and dark web activities.
Present Situation: In mid-2024, Germany sold its entire Bitcoin, which caused its market value to depreciate by 15%.
Newly Emerging Players In 2025
1. Finland
Finland gained publicity after it confiscated 1,890 BTC in some cases of narco-trafficking.
- Number of Bitcoins Owned: 1,890 BTC
- Estimated Value: $65.6 million
Policy: Finland used part of the Bitcoin proceeds to finance social programs, thus being pragmatic in its use of the digital asset’s revenue.
2. India
India confiscated 450 BTC in 2024 as part of a crackdown on crypto-related scams.
- Bitcoin Holdings: 450 BTC
- Estimated Value: $15.6 million
Future Potential: The Indian government is considering incorporating confiscated Bitcoin into its economic development policies, and talks are still being held regarding the establishment of a national digital asset fund.
Bitcoin’s Growing Role in Geopolitics and Financial Strategy
Governments holding large amounts of Bitcoin have significant influence over the cryptocurrency market. Liquidations, such as Germany’s 2024 sale, can trigger
