Which countries secretly own the most Bitcoin — beyond the US and China

Bitcoin ownership by state 2025

Roughly 463,000 BTC — oregon astir 2.3% of Bitcoin’s full proviso — is presently held by governments astir the world, according to publically disposable blockchain information and ineligible disclosures. 

While that mightiness dependable similar a tiny percentage, it equates to tens of billions of dollars successful sovereign Bitcoin wealth, giving Bitcoin (BTC) a increasing relation successful nationalist plus strategies and state-level accumulation.

Two countries predominate this list, and their positions are nary secret.

The United States

The US authorities is by acold the astir disposable subordinate erstwhile it comes to Bitcoin holdings by governments. Through a bid of high-profile seizures — ranging from the Silk Road marketplace to acheronian web operations and ransomware takedowns — it has accumulated astir 200,000 BTC. As of aboriginal 2025, that stash is estimated to beryllium worthy betwixt $18 cardinal and $22 billion, depending connected marketplace conditions.

But the US isn’t conscionable holding these assets passively. In March 2025, President Donald Trump signed an enforcement bid formalizing the instauration of a Strategic Bitcoin Reserve, consolidating each seized BTC nether national control. Unlike erstwhile administrations that auctioned disconnected confiscated crypto, this signaled a caller geopolitical mindset: Bitcoin isn’t conscionable a forfeited plus — it’s portion of the overseas authorities Bitcoin strategy.

China

Second connected the Bitcoin ownership by state 2025 database is China, though its presumption is shrouded successful opacity. In 2019, Chinese authorities unopen down the PlusToken scam and confiscated implicit 190,000 BTC — 1 of the largest crypto seizures successful history. But the destiny of these funds remains mostly unknown.

Some blockchain analysts suggest that parts of this holding were softly liquidated. Others judge the coins are sitting dormant successful authorities Bitcoin wallets, untouched successful acold storage. Despite its prohibition connected home trading and mining, China remains a cardinal subordinate successful the geopolitics of Bitcoin ownership — possibly 1 of the largest non-US Bitcoin reserve holders.

While the US and China predominate headlines, their stories are wide reported and routinely dissected by analysts and regulators.

What’s acold little understood is the soundless Bitcoin accumulation by countries extracurricular of this duopoly. From Himalayan monarchies to debt-ridden democracies, a caller radical of nations is softly reshaping the planetary Bitcoin ownership map.

Did you know? North Korea’s Lazarus Group held state-associated Bitcoin. The hacking outfit is believed to person amassed implicit 14,000 BTC earlier selling disconnected much than $1 billion worthy since March 2025.

Bhutan: The hydropower-fueled accumulator

Tucked distant successful the Himalayas, Bhutan has been softly gathering 1 of the largest nation-state Bitcoin reserves successful the satellite — and fewer extracurricular the crypto abstraction noticed.

Starting successful 2019, Bhutan’s sovereign concern fund, Druk Holding & Investments (DHI), began mining Bitcoin utilizing the country’s immense hydropower capacity. Cool temperatures, excess renewable vigor and unchangeable governance made it perfect for semipermanent accumulation.

By 2025, Bhutan is believed to person mined betwixt 12,000 and 13,000 BTC worthy $1.1 billion-$1.3 billion. That fig is staggering for a state with a GDP of conscionable implicit $3 billion. Bhutan’s Bitcoin holdings by the authorities present correspond arsenic overmuch arsenic 30%-40% of its nationalist system — higher than immoderate different country.

Several things marque Bhutan’s strategy unsocial successful the scenery of state-backed Bitcoin holdings:

• It’s green: 100% renewable hydropower, avoiding the vigor statement that haunts astir miners.
• It’s economically sound: Rather than merchantability energy astatine debased export prices, Bhutan transforms it into crypto assets held by countries.
• It’s centrally managed: The effort is coordinated done DHI, portion of Bhutan’s semipermanent improvement plan.

Unlike others that gained reserves done instrumentality enforcement seizures, Bhutan’s approach is quiet, strategical and afloat sovereign. It’s perchance the clearest illustration of hidden Bitcoin reserves by governments being utilized arsenic a halfway economical pillar alternatively of simply a hedge.

United Kingdom: Seizures and strategical decisions

The UK seldom comes up successful conversations astir countries that ain Bitcoin, but caller events enactment it among the apical holders.

In 2021, British authorities seized astir 61,000 BTC during a wealth laundering investigation. The coins, linked to a Chinese-origin fraud ringing operating done UK ammunition companies, are present nether the power of the Metropolitan Police and the Crown Prosecution Service (CPS). At existent prices, the haul is worthy astir 5 cardinal British pounds.

What to bash with that windfall is inactive being debated. Traditionally, the UK sells seized crypto and adds the proceeds to the treasury. But this lawsuit is different. The CPS has projected retaining the Bitcoin alternatively than liquidating it, perchance establishing 1 of the world’s astir unexpected sovereign Bitcoin holdings.

Not everyone agrees. Concerns astir volatility and argumentation consistency persist. There’s nary ceremonial determination yet to dainty these assets arsenic portion of a strategical state-level Bitcoin reserve. Still, with 61,000 BTC, the UK is already successful elite institution — down lone the US, China and perchance the UAE (whose reported holdings are based connected little transparent sources).

Whether Britain becomes a semipermanent custodian oregon offloads its stash, 1 happening is clear: It’s already a large stakeholder successful the unfolding Bitcoin adoption by countries. Whether deliberate oregon not, the UK is present portion of the crypto geopolitics conversation.

Ukraine: A integer warfare thorax

Since the commencement of the warfare with Russia successful 2022, Ukraine has go 1 of the archetypal examples of Bitcoin adoption by countries driven not by ideology, but necessity. It utilized cryptocurrency arsenic a large-scale, borderless fundraising instrumentality for nationalist defense.

In the archetypal twelvemonth of the conflict, Ukraine received implicit $70 cardinal successful BTC donations from astir the world, sent by individuals, decentralized autonomous organizations (DAOs), exchanges and different players successful the planetary Bitcoin ownership map. These funds were deployed rapidly for subject equipment, humanitarian relief, infrastructure repair and exigency logistics.

By mid-2025, the government’s Bitcoin holdings had dropped to astir 186 BTC, showing that the coins weren’t stockpiled but spent — fast. Unlike state-level Bitcoin accumulation done mining oregon seizures, Ukraine’s strategy was reactive: crypto assets held by countries not for reserve-building, but arsenic real-time, wartime capital.

Did you know? Investigators person besides tracked astatine slightest $4 million successful crypto donations sent to pro-Russian groups, including paramilitaries successful eastbound Ukraine and associated militias.

El Salvador: The bold legal-tender experimentation

In 2021, El Salvador became the archetypal federation to state Bitcoin ineligible tender. President Nayib Bukele framed the determination arsenic a way to fiscal sovereignty and broader inclusion successful a state wherever astir radical lacked entree to banking.

By January 2025, the authorities had accumulated implicit 6,000 BTC, an magnitude placing it firmly successful the precocious tier of Bitcoin ownership by state successful 2025. That fig continues to grow, with daily purchases inactive ongoing nether the “1 Bitcoin per day” initiative.

The state besides launched state-backed “Volcano Bonds” to pull crypto capital, built geothermal-powered mining facilities and opened a National Bitcoin Office to coordinate strategy. It became a poster kid for sovereign Bitcoin wealth, blending investment, infrastructure and federation branding.

Still, the program deed turbulence. In aboriginal 2025, amid unit from the International Monetary Fund, El Salvador agreed to repeal Bitcoin’s ineligible tender presumption successful speech for a $1.4-billion bailout. Businesses were nary longer obligated to judge BTC, and citizens could nary longer wage taxes successful it.

Yet contempt these changes, El Salvador’s authorities Bitcoin wallets stay active. Daily purchases continue, and the authorities inactive views Bitcoin arsenic a semipermanent asset. Though nary longer a ineligible currency, it remains cardinal to El Salvador’s unsocial overseas authorities Bitcoin strategy.

Iran: Quietly turning Bitcoin into authorities reserves

Iran seldom appears connected lists of countries with the astir Bitcoin, but its power is softly increasing done a legal-mining-for-reserves model.

Since 2019, Iran has treated Bitcoin mining arsenic a state-regulated industry. Any licensed miner is required to merchantability mined Bitcoin straight to the Central Bank, turning cheap, often subsidized energy into a pipeline for accumulating state-backed Bitcoin holdings.

This attack allows Iran to bypass sanctions and wage for imports — without declaring a azygous wallet address. It’s a textbook lawsuit of soundless Bitcoin accumulation by countries, wherever the nonsubjective isn’t visibility, but utility.

While nonstop figures are unavailable, estimates erstwhile placed Iran’s mining enactment astatine 4%-7% of the global hash rate — a important stock that apt fed into hidden Bitcoin reserves by governments. Domestic exchanges connected via Shaparak, Iran’s state-run payments network, guarantee that each mined coins tin beryllium tracked and absorbed.

Of course, not each mining successful Iran is legal. A thriving shadiness assemblage operates successful agrarian regions and concern zones, often exploiting low-cost power. But whether done licensed channels oregon the grey market, overmuch of the output is funneled toward the state.

Rumored and emerging players: The countries softly stacking Bitcoin

Not each authorities publicizes its crypto strategy. Some accumulate successful silence. Others are the taxable of speculation. 

As planetary attraction sharpens connected Bitcoin ownership by state successful 2025, a fewer names support surfacing — often without wide confirmation, yet intolerable to ignore.

United Arab Emirates (UAE)

For years, crypto circles person whispered that the UAE whitethorn power up to 420,000 BTC — a fig that, if true, would marque it the world’s largest holder of state-backed Bitcoin holdings by a wide margin. These figures are usually linked to enforcement actions against fraudulent concern schemes and high-profile Ponzi operations reportedly unopen down wrong the Emirates.

However, this remains 1 of the astir debated examples of concealed Bitcoin holdings by nations. There’s nary authorities record, nary nationalist wallet code and nary authoritative acknowledgment. Blockchain analysts person failed to verify the claim. While it whitethorn bespeak immoderate information — specified arsenic plus confiscations — astir researchers hold the fig is apt inflated oregon misunderstood.

Still, the UAE’s sanction often appears successful lists of countries hoarding Bitcoin, keeping it a notable portion of the speech astir sovereign Bitcoin wealth.

Bulgaria

Bulgaria’s Bitcoin communicative dates backmost to 2017, erstwhile authorities reportedly seized implicit 200,000 BTC successful a raid connected a cybercrime network. At the time, this haul concisely made Bulgaria 1 of the astir Bitcoin-rich governments connected the satellite — astatine slightest connected paper.

But arsenic clip passed, clarity faded. Official statements became contradictory. Some reports assertion the coins were sold off, others that they were ne'er really successful authorities wallets. A 2023 Freedom of Information petition yielded a blunt denial: No specified BTC is presently held by the state.

Even so, the communicative persists — a premier illustration of however the enactment betwixt existent authorities Bitcoin wallets and rumors tin get blurred. Whether oregon not Bulgaria inactive holds immoderate coins, it remains a lawsuit survey successful the geopolitics of Bitcoin ownership.

Other smaller players

A fig of smaller nations person documented, if modest, nation-state Bitcoin reserves — typically the effect of ineligible seizures alternatively than strategical policy.

• Finland is believed to clasp astir 90 BTC, stemming from transgression investigations.
• Georgia has astir 66 BTC, besides tied to tribunal actions.
• Venezuela is estimated to person astir 240 BTC, perchance linked to Petro-related crypto enactment oregon confiscations.

These holdings are tiny successful planetary terms, and there’s nary nationalist grounds of ongoing state-level Bitcoin accumulation successful these countries. Still, they’re portion of the broader planetary Bitcoin ownership map, reflecting however adjacent insignificant players are being drawn into the crypto reserve race.

Did you know? CoinGecko besides lists Germany and Hong Kong among the apical sovereign Bitcoin holders. Analysts peg some arsenic emerging holders alongside known names similar the US, China, UAE, El Salvador and Bhutan.

Why quiescent Bitcoin accumulation matters

You don’t request to contented a property merchandise to participate the Bitcoin game.

Some governments loudly state their intentions. Others excavation successful silence, modulate softly oregon physique holdings done indirect means. The motivations vary, but the signifier is progressively familiar: Silent Bitcoin accumulation by countries is rising.

For some, it’s strategical diversification. Bitcoin acts arsenic digital gold — scarce, borderless and disconnected from cardinal slope policy. It’s particularly charismatic to nations looking to hedge against ostentation oregon de-dollarize reserves.

In Bhutan, mining turns surplus renewable vigor into sovereign capital. In Iran, Bitcoin bypasses planetary sanctions to assistance money imports. Even successful the US, a authorities Bitcoin wallet erstwhile utilized to liquidate seized assets is present portion of a federally managed “Strategic Bitcoin Reserve.”

This quiescent question isn’t without challenges. Volatility remains high, transparency is rare, and geopolitical unit (especially from accepted fiscal institutions) could propulsion immoderate countries to rethink oregon conceal their strategies.

Still, nations that clasp Bitcoin are nary longer outliers. Whether their accumulation is large oregon discreet, they’re shaping a caller furniture of planetary economical strategy.

Ultimately, each are portion of the aforesaid emerging reality: Bitcoin is present a instrumentality of the state.