Bitcoin ownership by country 2025
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.
While that might sound like a small percentage, it equates to tens of billions of dollars in sovereign Bitcoin wealth, giving Bitcoin (BTC) a growing role in national asset strategies and state-level accumulation.
Two countries dominate this list, and their positions are no secret.
The United States
The US government is by far the most visible player when it comes to Bitcoin holdings by governments. 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. As of early 2025, that stash is estimated to be worth between $18 billion and $22 billion, depending on market conditions.
But the US isn’t just holding these assets passively. In March 2025, President Donald Trump signed an executive order formalizing 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
Second on the Bitcoin ownership by country 2025 list is China, though its position is shrouded in opacity. 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.
Some blockchain analysts suggest that parts of this holding were quietly liquidated. Others believe the coins are sitting dormant in government Bitcoin wallets, untouched in cold storage. 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.
While the US and China dominate headlines, their stories are widely reported and routinely dissected by analysts and regulators.
What’s far less understood is the silent Bitcoin accumulation by countries outside of this duopoly. From Himalayan monarchies to debt-ridden democracies, a new group of nations is quietly reshaping the global Bitcoin ownership map.
Did you know? North Korea’s Lazarus Group held state-associated Bitcoin. The hacking outfit is believed to have amassed over 14,000 BTC before selling off more than $1 billion worth since March 2025.
Bhutan: The 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.
Starting in 2019, Bhutan’s sovereign investment fund, Druk Holding & Investments (DHI), began mining Bitcoin using the country’s vast hydropower capacity. Cool temperatures, excess renewable energy and stable governance made it ideal for long-term accumulation.
By 2025, Bhutan is believed to have mined between 12,000 and 13,000 BTC worth $1.1 billion-$1.3 billion. That figure is staggering for a country with a GDP of just over $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.
Several things make Bhutan’s strategy unique in the landscape of state-backed Bitcoin holdings:
- It’s green: 100% renewable hydropower, avoiding the energy debate that haunts most miners.
- It’s economically sound: Rather than sell electricity at low export prices, Bhutan transforms it into crypto assets held by countries.
- It’s centrally managed: The effort is coordinated through DHI, part of Bhutan’s long-term development plan.
Unlike others that gained reserves through law enforcement seizures, Bhutan’s approach is quiet, strategic and fully sovereign. It’s possibly the clearest example of hidden Bitcoin reserves by governments being used as a core economic pillar instead of simply a hedge.
United Kingdom: Seizures and strategic decisions
The UK rarely comes up in conversations about countries that own Bitcoin, but recent events put it among the top holders.
In 2021, British authorities seized approximately 61,000 BTC during a money laundering investigation. The coins, linked to a Chinese-origin fraud ring operating through UK shell companies, are now under the control of the Metropolitan Police and the Crown Prosecution Service (CPS). At current prices, the haul is worth around 5 billion British pounds.
What to do with that windfall is still being debated. Traditionally, the UK sells seized crypto and adds the proceeds to the treasury….
cointelegraph.com