Unveiling the Surprising Truth: Which Countries Secretly Hold the Most Bitcoin?

For years, the world has watched Bitcoin’s meteoric rise, often focusing on individual investors or institutional players. But what if we told you that some of the most significant players in the Bitcoin game aren’t individuals or companies, but entire nations? Beyond the widely publicized holdings of the United States and China, a fascinating narrative of quiet Bitcoin ownership by country is unfolding globally. Governments, from Himalayan kingdoms to debt-ridden democracies, are discreetly accumulating digital gold, fundamentally reshaping the global financial landscape.

Roughly 463,000 BTC – about 2.3% of Bitcoin’s total supply – is currently held by governments worldwide. This figure, while seemingly small, translates into tens of billions of dollars in sovereign Bitcoin wealth, marking a significant shift in national asset strategies. Let’s dive into the known giants and the emerging, often secret, players.

The Overt Giants: US and China’s Massive Government Bitcoin Holdings

When discussing nations that own Bitcoin, the United States and China inevitably top the list. Their positions are well-known, yet the sheer scale of their government Bitcoin holdings is still remarkable.

The United States: From Seizures to Strategic Reserves

The US government is arguably the most transparent and visible holder of Bitcoin. Its impressive stash, accumulated primarily through high-profile seizures from operations like Silk Road and various dark web and ransomware takedowns, totals nearly 200,000 BTC. As of early 2025, this hoard is estimated to be worth between $18 billion and $22 billion, depending on market conditions.

But the US isn’t merely a passive holder. A pivotal moment occurred in March 2025 when President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve. This order consolidated all seized BTC under federal control, signaling a new geopolitical mindset. Bitcoin is no longer just a forfeited asset; it’s now a core component of the foreign government Bitcoin strategy, marking a shift from liquidation to long-term strategic retention.

China: The Opaque Giant of Bitcoin Ownership

China holds the second position in terms of Bitcoin ownership by country, though its exact holdings are shrouded in mystery. In 2019, Chinese authorities seized over 190,000 BTC during the crackdown on the PlusToken scam, making it one of history’s largest crypto seizures. The fate of these funds, however, remains largely unknown. While some blockchain analysts suggest quiet liquidations, others believe a significant portion sits dormant in government Bitcoin wallets, untouched in cold storage.

Despite its domestic bans on trading and mining, China remains a key, albeit enigmatic, player in the geopolitics of Bitcoin ownership. Its actions suggest it might be one of the largest non-US nation-state Bitcoin reserves holders, quietly influencing the market without public acknowledgment.

The Rise of Silent Bitcoin Accumulation: Who Else is Stacking Sats?

While the US and China dominate headlines, their stories are widely reported. What’s far less understood is the quiet Bitcoin accumulation by countries outside this duopoly. A new group of nations is subtly reshaping the global Bitcoin ownership map, often through unique and strategic means.

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. Few outside the crypto space noticed until recently. Starting in 2019, Bhutan’s sovereign investment fund, Druk Holding & Investments (DHI), began mining Bitcoin using the country’s abundant hydropower capacity. Bhutan’s cool temperatures, excess renewable energy, and stable governance created an ideal environment for long-term accumulation.

By 2025, Bhutan is estimated to have mined between 12,000 and 13,000 BTC, valued at $1.1 billion to $1.3 billion. This figure is astonishing for a country with a GDP of just over $3 billion, meaning Bhutan’s Bitcoin holdings could represent as much as 30%-40% of its national economy – a higher proportion than any other country. Bhutan’s strategy is unique:

• Green Energy: It’s 100% powered by renewable hydropower, sidestepping the energy debate often associated with mining.
• Economic Soundness: Rather than selling electricity at low export prices, Bhutan converts it into valuable crypto assets.
• Centralized Management: The entire effort is coordinated through DHI, integrated into Bhutan’s long-term development plan.

Unlike nations that acquire Bitcoin through seizures, Bhutan’s approach is quiet, strategic, and fully sovereign, a clear example of hidden Bitcoin reserves being used as a core economic pillar.

United Kingdom: Seizures and Strategic Debates

The UK rarely features in discussions about countries owning Bitcoin, yet recent events place it among the top holders. In 2021, British authorities seized approximately 61,000 BTC during a money laundering investigation. These coins, linked to a Chinese fraud ring, are now under the control of the Metropolitan Police and the Crown Prosecution Service (CPS). At current prices, this haul is worth around £5 billion.

Traditionally, the UK sells seized crypto. However, the CPS has proposed retaining this Bitcoin rather than liquidating it, potentially establishing one of the world’s most unexpected sovereign Bitcoin wealth holdings. While concerns about volatility and policy consistency remain, with 61,000 BTC, the UK is already in elite company, behind only the US, China, and possibly the UAE. Whether Britain becomes a long-term custodian or offloads its stash, it is undeniably a major stakeholder in the unfolding Bitcoin adoption by countries.

Ukraine: A Digital War Chest

Since the 2022 conflict with Russia, Ukraine has become a prime example of Bitcoin ownership by country driven by necessity. It leveraged cryptocurrency as a large-scale, borderless fundraising tool for national defense. In the first year of the conflict, Ukraine received over $70 million in BTC donations globally. These funds were rapidly deployed for military equipment, humanitarian relief, and infrastructure repair. By mid-2025, the government’s Bitcoin holdings had dropped to roughly 186 BTC, demonstrating that the coins were spent quickly rather than stockpiled. Ukraine’s strategy was reactive, using crypto assets as real-time, wartime capital, not for long-term reserve building.

El Salvador: The Bold Legal-Tender Experiment

In 2021, El Salvador made history by declaring Bitcoin legal tender. President Nayib Bukele championed this as a path to financial sovereignty and greater inclusion. By January 2025, the government had accumulated over 6,000 BTC, placing it firmly in the upper tier of Bitcoin ownership by country. This amount continues to grow with daily purchases under the “1 Bitcoin per day” initiative. The nation also launched “Volcano Bonds,” built geothermal-powered mining facilities, and established a National Bitcoin Office.

Despite early challenges, including pressure from the International Monetary Fund leading to a temporary repeal of Bitcoin’s legal tender status in exchange for a bailout, El Salvador’s government Bitcoin wallets remain active. Daily purchases continue, and the state still views Bitcoin as a long-term asset, central to its unique foreign government Bitcoin strategy.

Iran: Quietly Turning Bitcoin into State Reserves

Iran’s influence in the crypto space is growing through a legal-mining-for-reserves model. Since 2019, Bitcoin mining has been a state-regulated industry, requiring licensed miners to sell their mined Bitcoin directly to the Central Bank. This allows Iran to bypass sanctions and pay for imports, all without publicly declaring a single wallet address. It’s a textbook case of silent Bitcoin accumulation, where utility, not visibility, is the objective.

While exact figures are elusive, estimates once placed Iran’s mining activity at 4%-7% of the global hash rate, a significant share likely funneled into hidden nation-state Bitcoin reserves. Domestic exchanges, connected via Iran’s state-run payments network, ensure mined coins can be tracked and absorbed by the state, further solidifying its strategic use of Bitcoin.

Rumored and Emerging Players: The Countries Quietly Stacking Bitcoin

Not every government publicizes its crypto strategy. Some accumulate in silence, while others are the subject of intense speculation. As global attention sharpens on Bitcoin ownership by country in 2025, a few names continue to surface.

United Arab Emirates (UAE): The Elusive Giant?

For years, crypto circles have buzzed with rumors that the UAE controls up to 420,000 BTC – a figure that, if true, would make it the world’s largest holder of state-backed Bitcoin holdings by a wide margin. These figures are often linked to enforcement actions against fraudulent investment schemes. However, this remains one of the most debated examples of secret government Bitcoin holdings. There’s no official record, public wallet address, or acknowledgment. Blockchain analysts have largely failed to verify the claim, suggesting the number is likely inflated or misunderstood. Still, the UAE’s name frequently appears in discussions about countries hoarding Bitcoin, keeping it a notable part of the conversation around sovereign Bitcoin wealth.

Bulgaria: A Fading Bitcoin Mystery?

Bulgaria’s Bitcoin story dates back to 2017, when authorities reportedly seized over 200,000 BTC in a raid on a cybercrime network. This haul briefly made Bulgaria one of the most Bitcoin-rich governments on paper. However, clarity faded over time, with contradictory official statements. While some reports claimed the coins were sold, others suggested they were never truly in government wallets. A 2023 Freedom of Information request yielded a blunt denial: no such BTC is currently held by the state. Even so, the tale persists, a prime example of how the line between actual nation-state Bitcoin reserves and rumors can blur.

Other Smaller Players: Quietly Joining the Map

A number of smaller nations also hold modest nation-state Bitcoin reserves, typically resulting from legal seizures rather than strategic policy:

• Finland: Believed to hold around 90 BTC from criminal investigations.
• Georgia: Possesses around 66 BTC, also tied to court actions.
• Venezuela: Estimated to have roughly 240 BTC, possibly linked to Petro-related crypto activity or confiscations.

While these holdings are small in global terms, and there’s no public evidence of ongoing state-level Bitcoin accumulation in these countries, they nonetheless contribute to the broader global Bitcoin ownership map, showing how even minor players are drawn into the crypto reserve race.

Why Does Silent Bitcoin Accumulation Matter?

You don’t need a press release to enter the Bitcoin game. Some governments loudly declare their intentions, while others mine in silence, regulate quietly, or build holdings through indirect means. The motivations vary, but the pattern is increasingly clear: silent Bitcoin accumulation by countries is on the rise.

For many, it’s strategic diversification. Bitcoin acts as digital gold – scarce, borderless, and disconnected from central bank policy. It’s particularly attractive to nations seeking to hedge against inflation or reduce reliance on the US dollar. In Bhutan, mining transforms surplus renewable energy into sovereign capital. In Iran, Bitcoin bypasses global sanctions to facilitate imports. Even in the US, what was once a tool for liquidating seized assets is now part of a federally managed “Strategic Bitcoin Reserve.”

This quiet movement isn’t without its challenges. Volatility remains high, transparency is rare, and geopolitical pressure, especially from traditional financial institutions, could compel some countries to reconsider or further conceal their strategies. Yet, nations that hold Bitcoin are no longer outliers. Whether their accumulation is loud or discreet, they are collectively shaping a new layer of global economic strategy.

The Future of Sovereign Bitcoin Wealth

The landscape of Bitcoin ownership by country is rapidly evolving. From overt strategic reserves to covert mining operations and seized assets, governments worldwide are recognizing Bitcoin not just as a speculative asset, but as a potent tool of statecraft. The quiet rise of nation-state Bitcoin reserves signifies a profound shift, cementing Bitcoin’s role in international finance and geopolitics. As more nations explore the potential of government Bitcoin holdings, the global financial map will continue to redraw itself, with digital assets at its core. The question is no longer if governments will hold Bitcoin, but how much, and how silently they will do it.