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. |
The U.S. holds the largest government Bitcoin reserve, mostly obtained through enforcement actions against cybercriminals and dark web markets.
Accumulation Source:
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.
China holds the second-largest Bitcoin reserve, thanks to its crackdown on fraudulent schemes.
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.
Due to the forceful effort to curb financial crimes related to using digital assets, the United Kingdom has become one of the leading powers.
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.
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.
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.
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.
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.
Ukraine’s Bitcoin holdings are primarily sourced from public donations during the ongoing conflict with Russia.
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.
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.
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%.
Finland gained publicity after it confiscated 1,890 BTC in some cases of narco-trafficking.
Policy: Finland used part of the Bitcoin proceeds to finance social programs, thus being pragmatic in its use of the digital asset’s revenue.
India confiscated 450 BTC in 2024 as part of a crackdown on crypto-related scams.
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.
Governments holding large amounts of Bitcoin have significant influence over the cryptocurrency market. Liquidations, such as Germany’s 2024 sale, can trigger price fluctuations, while announcements of acquisitions or retention may boost market confidence.
Bitcoin is increasingly being seen as a tool for geopolitical strategy. Countries like El Salvador and Ukraine are using it for economic development and wartime funding, while larger economies like the U.S. and China are using their holdings to manage illegal activities and regulate the digital asset market.
Governments’ involvement in Bitcoin reflects the intersection of law enforcement, financial strategy, and technological advancement.
The United States holds the most Bitcoin among governments, with 212,000 BTC worth $7.37 billion, seized from criminal activities.
MicroStrategy is the largest corporate Bitcoin holder, owning over 450,000 BTC as of January 2025, valued at more than $46.35 billion.
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