China and U.S. Reduce Bitcoin Reserves, Total Government Holdings Fall 12% in Nine Months

Governments around the world continue to play an important role in the crypto space. However, a new report shows some interesting shifts. According to Coingecko, as of April 2025, governments collectively hold over 463,741 BTC, which is roughly 2.3% of Bitcoin’s total supply. This marks a decrease from 529,591 BTC in July 2024, which shows that the governments are changing strategies. 

While El Salvador and Bhutan are accumulating more BTC, others like the United States and Germany are cutting down. 

United States Holds $18B Worth Of BTC

The U.S. remains the largest holder with 198,012 BTC, worth around $18.3 billion, although it’s slightly down from July 2024 after liquidating some assets. Next comes China, which, despite banning crypto trading and mining, holds 194,000 BTC valued at $17.6 billion. Most of China’s holdings came from the 2019 PlusToken Ponzi scheme.

Bhutan Mines Over 8,000 BTC

The United Kingdom holds 61,000 BTC, all seized from criminal activities. The government is still weighing whether to sell or use these funds for public finance needs. Bhutan, the small Himalayan nation, has impressively mined 8,594 BTC using sustainable hydroelectric energy. It’s one of the few countries accumulating Bitcoin through mining rather than seizures or purchases. 

Meanwhile, El Salvador has steadily built up 6,135 BTC worth $567.8 million and continues to buy 1 BTC daily as part of President Nayib Bukele’s strategy to integrate Bitcoin into the national economy.

Since 2024, Ukraine has received 256 BTC worth $21.3 million in donations, which have been fully liquidated for military and humanitarian efforts. Germany sold its 46,359 BTC stash in mid-2024, which caused a 15.7% drop in Bitcoin’s price.