Top countries Secretly Holding Bitcoins in 2025

Bitcoin ownership in 2025 by country

Roughly 463,000 BTC — or about 2.3% of Bitcoin’s total supply — is currently held by governments around the world, according to publicly available blockchain data and legal disclosures. 

This may seem like a very small amount, but it is actually tens and tens billions in dollars. sovereign Bitcoin wealthGive Bitcoins (BTC( ) A growing role in the national asset strategy and accumulation at state level.

It is no secret that two countries are at the top of this list.

United States

US Government is the largest player in Bitcoin ownership by government. Through a series of high-profile seizures — ranging from the Silk Road marketplace to dark web operations and ransomware takedowns — it has accumulated nearly 200,000 BTC. By early 2025 this stash could be worth anywhere between $18 billion to $22 million, depending on current market conditions.

These assets aren’t held passively by the US. The executive order was signed by President Donald Trump in March 2025. the creation of a Strategic Bitcoin Reserve, consolidating all seized BTC under federal control. Unlike previous administrations that auctioned off confiscated crypto, this signaled a new geopolitical mindset: Bitcoin isn’t just a forfeited asset — it’s part of the foreign government Bitcoin strategy.

China

China comes in second place on the Bitcoin ownership list by 2025. However, its rank is shrouded with obscurity. In 2019, Chinese authorities shut down the PlusToken scam and confiscated over 190,000 BTC — one of the largest crypto seizures in history. But the fate of these funds remains largely unknown.

Blockchain analysts have suggested that some of the coins were liquidated. Other people believe these coins are in the government. Bitcoin walletsThe cold storage is untouched. Despite its ban on domestic trading and mining, China remains a key player in the geopolitics of Bitcoin ownership — perhaps one of the largest non-US Bitcoin reserve holders.

Analysts and regulators routinely analyze and dissect the stories of China and America, which dominates headlines.

It’s much less known that countries other than this duopoly are silently accumulating Bitcoin. A new group of countries, from Himalayan monarchies and debt-ridden democracies to debt-ridden nations in the world’s south, is silently reshaping global Bitcoin ownership.

Did You Know? Lazarus Group, a North Korean group that holds Bitcoin for the state. The hacking outfit is believed to have amassed over 14,000 BTC before selling off more than $1 billion worth since March 2025.

Bhutan: Hydropower-fueled accumulator

Tucked away in the Himalayas, Bhutan has been quietly building one of the largest nation-state Bitcoin reserves in the world — and few outside the crypto space noticed.

Bhutan’s sovereign Investment Fund will be launched in 2019. Druk Holding & Investments (DHI)“, started mining Bitcoin Using the vast hydropower potential of the country. The country’s stable government, cool temperatures and excess renewable energy made it the ideal place for long-term investment.

Bhutan may have mined 12,000 to 13,000 BTC by the year 2025. This would be worth between $1.1 and $1.3 billion. This is a staggering figure for a nation with a gross domestic product of just under $3 billion. Bhutan’s Bitcoin holdings by the government now represent as much as 30%-40% of its national economy — higher than any other country.

Bhutan’s unique strategy in state-backed Bitcoin is a result of several factors:

• It’s green: Hydropower is 100% renewable, so you can avoid the energy debate which plagues most miner.
• This is a good investment: Bhutan converts electricity into cryptocurrency assets that are held by other countries, rather than selling it at low prices.
• Centrally Managed: Bhutan’s development plan includes a long-term DHI.

Other reserves are derived from law enforcement confiscations. Bhutan’s approach Is quiet, strategically and completely sovereign. The use of Bitcoin by government as a foundational economic element, rather than a mere hedge is the best example yet.

United Kingdom – Seizures, strategic decisions

Recent events have made the UK one of the largest Bitcoin holders.

In 2021, British authorities seized approximately 61,000 BTC The coins were discovered during an investigation into money laundering. Now, the coins that were linked to a fraud ring of Chinese descent operating via UK shell companies are under control by the Crown Prosecution Service. The haul, at current prices is valued around 5 billion British Pounds.

There is no consensus on what to do about the windfall. TraditionallyThe UK is selling cryptos that it has seized and adding the proceeds to its treasury. The case in question is different. CPS proposed to keep the Bitcoins rather than liquidate them, possibly creating one of world’s largest sovereign Bitcoin holdings.

There is disagreement. There are still concerns over policy consistency, volatility, and the impact of Bitcoin. It’s not yet official to consider these assets a part of the strategic Bitcoin reserves at state level. Still, with 61,000 BTC, the UK is already in elite company — behind only the US, China and possibly the UAE (whose reported holdings are based on less transparent sources).

No matter if Britain decides to keep its Bitcoins or sell them, it’s clear that the UK is already an important player in Bitcoin adoption. It’s not clear if the UK was deliberately involved in the conversation on crypto geopolitics.

Ukraine: A digital war chest

Ukraine is one of the first countries to adopt Bitcoin, not because of ideology but out of necessity. Ukraine used cryptocurrency to raise money for its national defense on a massive scale, without any borders.

During the first year, Ukraine was at war. received over $70 million in BTC donations Bitcoins are being sent to the map by people, organizations, exchanges (including decentralized autonomous organisations, or DAOs), and many other participants. The funds received were used to purchase military equipment, aid humanitarians, repair infrastructure and provide emergency logistics.

By mid-2025, the government’s Bitcoin holdings had dropped to roughly 186 BTC, showing that the coins weren’t stockpiled but spent — fast. Ukraine was not accumulating Bitcoins through seizures or mining, its strategy was reactive. Crypto assets are held in countries as a real-time wartime reserve, and not as a way to accumulate reserves.

Did you know…? Investigators have also tracked at least $4 million in crypto donations sent to pro-Russian groups, including paramilitaries in eastern Ukraine and associated militias.

El Salvador: A bold new experiment in legal tender

El Salvador was the first country in 2021 to recognize Bitcoin as legal tender. El Salvador’s President Nayib Bukele characterized the decision as an attempt to gain financial independence and to increase inclusion for a population that had little access to banks.

The government had over 6,500 BTC by January 2025. That amount put it at the top of the list for Bitcoin ownership among countries in 2025. The number of Bitcoins continues to increase, according daily purchases still ongoing The Underside “1 Bitcoin per day” initiative.

State-sponsored “Volcano BondsIn order to bring in crypto-capital the country built geothermal mining facilities, and opened an office to coordinate its strategy. The nation became the poster child of sovereign Bitcoin wealth by combining investment, infrastructure, and branding.

The plan was still a tumultuous one. By early 2025. amid pressure from the International Monetary FundEl Salvador accepted a bailout of $1.4 billion in exchange for the repealing of Bitcoin as legal tender. Businesses no longer had to accept BTC. And citizens were not able to pay their taxes using it.

El Salvador’s Bitcoin government wallets continue to be active, despite all of these changes. Bitcoin is still viewed by the government as a valuable asset and daily purchases are continuing. El Salvador’s Bitcoin strategy is unique in that it still uses Bitcoin, even though the currency has been declared illegal.

Iran quietly turning Bitcoins into State Reserves

Iran rarely appears on lists of countries with the most Bitcoin, but its influence is quietly growing through a legal-mining-for-reserves model.

Iran is now treating patients with a specialized treatment since 2019. Bitcoin mining as a state-regulated industry. Anyone licensed to mine Bitcoin is required to directly sell it to the Central Bank. This turns cheap and often subsidised electricity into a conduit for building up state-backed Bitcoins.

This approach allows Iran to bypass sanctions and pay for imports — without declaring a single wallet address. The silent accumulation of Bitcoin by nations is an example that’s been studied and analyzed, as the aim here is not to be visible, but rather useful.

Although exact numbers are not available, it was estimated that Iran’s miner activity accounted for 4% to 7% of its GDP. global hash rate — a significant share that likely fed into hidden Bitcoin reserves by governments. Shaparak, Iran’s state-run network for payments, connects all domestic exchanges, ensuring that mined coins are tracked and absorbed.

Not all Iranian mining is legal. In rural areas and industrial zones there is a thriving underground sector that exploits low-cost electricity. But, whether it’s through authorized channels or on the gray market – a lot of this output ends up in the hands of the state.

Bitcoins are being stacked by unknown and new players.

Not all governments make public their crypto strategies. Others accumulate quietly. Other are the subjects of speculation. 

As global attention sharpens on Bitcoin ownership by country in 2025, a few names keep surfacing — often without clear confirmation, yet impossible to ignore.

United Arab Emirates

For years, crypto circles have whispered that the UAE may control up to 420,000 BTC — a number that, if true, would make it the world’s largest holder of state-backed Bitcoin holdings by a wide margin. Usually, these figures are linked to actions taken against fraudulent investment schemes. high-profile Ponzi operations The Emirates are reportedly closing down.

This is still one of the most controversial examples of nations secretly holding Bitcoin. No official acknowledgement, no record of the government or public wallet is available. The claim has not been verified by blockchain analysts. While it may reflect some truth — such as asset confiscations — most researchers agree the number is likely inflated or misunderstood.

Even so, it is not uncommon to see the UAE on lists of countries who hoard Bitcoin. This keeps the UAE in the spotlight. sovereign Bitcoin wealth.

Bulgaria

The story of Bitcoin in Bulgaria dates back to 2017. reportedly seized over 200,000 BTC A raid was conducted on an organized cybercrime network. At the time, this haul briefly made Bulgaria one of the most Bitcoin-rich governments on the planet — at least on paper.

Clarity faded with time. Official statements started to become contradictory. Some sources claim that the coins have been sold, while others say they never were in government wallets. Freedom of Information Request 2023 yielded an unambiguous denial. The state does not hold any BTC.

Even so, the tale persists — a prime example of how the line between actual government Bitcoin wallets and rumors can get blurred. Bulgaria, whether or not it still has any coins in its possession, remains an interesting case study on the geopolitics surrounding Bitcoin ownership.

The smaller players

A number of smaller nations have documented, if modest, nation-state Bitcoin reserves — typically the result of legal seizures rather than strategic policy.

• Finland It is estimated that the amount of BTC seized in criminal investigations amounts to around 90 BTC.
• Georgia’s population is around 66 BTCThe court action is also a part of the.
• Venezuela has an estimated 50,000 hectares of land. 240 BTCThe possible link between Petro and crypto-related activity or seizures.

They are small holdings in the global context, but there is no evidence to suggest that these governments have been actively accumulating Bitcoins. They are part of a broader global Bitcoin ownership chart, indicating how minor players have been drawn in. crypto reserve race.

Did You Know? CoinGecko also lists Germany and Hong Kong among the top sovereign Bitcoin holders. Analysts peg both as emerging holders alongside known names like the US, China, UAE, El Salvador and Bhutan.

Why quiet Bitcoin accumulation matters

It is not necessary to release a press statement to play the Bitcoin game.

Other governments are more reserved. Some governments mine quietly, regulate in secret or accumulate holdings by indirect means. Although the motives are different, a pattern has emerged: silent Bitcoin accumulation is on the rise.

Some people use it as a means of diversification. Bitcoin is a currency that acts as a means of payment. digital gold — scarce, borderless and disconnected from central bank policy. It is particularly attractive for nations that want to protect themselves against inflation and de-dollarize reserve funds.

Bhutan’s mining industry converts excess renewable energy into capital. Bitcoin allows Iran to fund imports despite global sanctions. Bitcoin is used in the US to manage federally controlled funds. “Strategic Bitcoin Reserve.”

The quiet movement has its challenges. Transparency is scarce, volatility remains high and pressure from geopolitical institutions (particularly traditional financial institutions), could lead some countries rethink their strategy.

Yet, countries that own Bitcoins are no longer an outlier. They’re shaping global economic policy, whether they are loud or discrete.

Bitcoin, as a currency tool for the government is the emerging reality.