Which Countries Own the Most Bitcoin? U.S., China, and More in 2025

25. Mar 2025 Posted by Bailey S. on News

Determining the exact amount of Bitcoin owned by countries is challenging due to the decentralized and often private nature of cryptocurrency holdings. However, based on available data from various sources, including government reports, blockchain analysis, and posts on X, here is a summary of nations known to hold Bitcoin and their approximate reserves as of March 11, 2025.

Why Do Countries Hold Bitcoin?

Governments hold Bitcoin for various reasons, including:

  • Seized Assets: Many holdings come from law enforcement confiscations related to criminal activities.

  • Strategic Investments: Some countries, like El Salvador, view Bitcoin as an alternative to traditional reserves.

  • Mining Operations: Nations such as Bhutan mine Bitcoin as part of state-sponsored programs.

  • Donations and Public Support: Ukraine, for instance, has received Bitcoin donations to fund war efforts and humanitarian causes.

Estimated Bitcoin Holdings by Country

United States: 207,189–215,000 BTC

The U.S. is widely regarded as the largest government holder of Bitcoin, primarily acquired through law enforcement seizures. Key sources include:

  • Silk Road Confiscations: Over 69,000 BTC seized from the infamous darknet market.

  • Other Criminal Seizures: Additional BTC was obtained from ransomware cases and fraud investigations.

  • Valuation: At current prices, these holdings are worth billions, making Bitcoin a notable asset in U.S. reserves.

China: 190,000–194,775 BTC

China’s Bitcoin reserves stem mainly from the PlusToken Ponzi scheme, one of the largest crypto fraud cases, where the government seized vast amounts of BTC. While China has banned cryptocurrency trading, it retains these holdings, valued in the tens of billions.

United Kingdom: ~61,000 BTC

The UK has confiscated around 61,000 BTC, largely from dismantling money laundering operations. A major seizure came from Jian Wen and Zhimin Qian, who laundered funds linked to fraud.

Germany: 0–50,000 BTC (historically)

Germany previously held around 50,000 BTC seized in 2018 from fraud cases. However, reports indicate that Germany liquidated its holdings by mid-2024.

Ukraine: 186–46,351 BTC

Ukraine’s Bitcoin reserves are volatile due to active use:

  • Donations: Following Russia’s invasion, Ukraine received substantial crypto donations, estimated at 46,351 BTC at its peak.

  • Current Holdings: Some reports suggest reserves have decreased to 186 BTC as funds were used for defense and humanitarian aid.

El Salvador: 5,748–6,111 BTC

El Salvador, the first country to adopt Bitcoin as legal tender in 2021, has continued to accumulate BTC:

  • "1 Bitcoin per Day" Program: Since November 2022, the government has been buying BTC daily.

  • Total Holdings: Between 5,748 BTC and 6,111 BTC, steadily increasing under President Nayib Bukele’s leadership.

Bhutan: 621–13,000 BTC

Bhutan is a surprising state actor in Bitcoin mining:

  • State-Sponsored Mining: Bhutan began mining Bitcoin in 2019 using hydroelectric energy.

  • Uncertain Estimates: Holdings range from 621 BTC to 13,000 BTC, depending on mining output and usage.

Venezuela: ~240 BTC

Venezuela’s Bitcoin holdings stem from government ventures and include BTC tied to the defunct Petro cryptocurrency project. Around 10.3% of the population reportedly owns crypto due to hyperinflation concerns.

Finland: ~90 BTC

Finland confiscated 1,889 BTC in 2018 from narcotics-related cases. Most of it was sold in 2021 for $48 million, leaving the government with only 90 BTC today.

Georgia: ~66 BTC

Georgia’s Bitcoin reserves, around 66 BTC, come from criminal seizures. The country is also a major hub for crypto mining.

Bulgaria: 200,000 BTC (Uncertain)

Bulgaria is rumored to hold 200,000 BTC from past criminal confiscations. However, the exact status of these holdings remains unclear, with some reports suggesting they were sold off.

Implications of Bitcoin Holdings

  • Market Impact: Large government holdings, when sold, can affect Bitcoin’s price and liquidity.

  • Reserve Diversification: Countries like El Salvador and Bhutan view Bitcoin as a hedge against fiat instability.

  • Regulatory Influence: Nations with substantial BTC holdings may shape global crypto regulations.

As of March 2025, Bitcoin remains an evolving part of national reserves, with some countries actively accumulating while others liquidate seized assets. Future trends will determine whether Bitcoin gains broader acceptance as a state reserve asset.