As of April 2025, governments around the world collectively hold over 463,741 bitcoins, representing approximately 2.3% of Bitcoin’s total supply. This marks a decline from the 529,591 BTC reported in July 2024, reflecting ongoing shifts in national crypto strategies—some countries are actively accumulating, while others are liquidating their reserves. Nations like El Salvador and Bhutan are embracing Bitcoin as part of long-term economic planning, whereas the United States and Germany have engaged in significant sales, impacting market dynamics.
This evolving landscape highlights how government actions can influence both policy trends and cryptocurrency valuations. Below, we explore which countries hold the most Bitcoin, how they acquired it, and what their decisions mean for the future of digital assets.
👉 Discover how strategic crypto reserves are shaping global financial policies in 2025.
How Have Government Bitcoin Holdings Changed Over Time?
Government involvement in Bitcoin ownership has grown steadily through confiscations, donations, strategic purchases, and even mining operations. The period from January 2023 to April 2025 reveals notable shifts in national holdings.
United States
The U.S. remains the largest government holder of Bitcoin, with approximately 198,012 BTC (valued at around $18.3 billion as of April 2025). While this figure has slightly decreased since mid-2024 due to partial asset sales, a major policy shift occurred in March 2025 when President Donald Trump signed an executive order establishing the “Digital Fort Knox”—a strategic cryptocurrency reserve designed to consolidate seized digital assets under federal management.
This initiative signals a long-term approach to managing confiscated crypto, potentially stabilizing future market impacts from government-led sell-offs.
China
Despite banning cryptocurrency trading and mining, China ranks second in government-held Bitcoin, possessing an estimated 194,000 BTC (worth about $17.6 billion). These holdings largely stem from the 2019 PlusToken Ponzi scheme takedown, one of the largest crypto-related law enforcement actions in history.
While Beijing has not sold any of these assets, its silence on future plans leaves global markets speculating about potential releases that could affect price volatility.
United Kingdom
The UK holds 61,000 BTC (approximately $5.6 billion), all obtained through law enforcement seizures linked to criminal activities such as money laundering and cybercrime. There is currently no official decision on whether these assets will be auctioned or retained for public financial use—a topic under active discussion among policymakers.
Bhutan
Bhutan has quietly amassed 8,594 BTC (around $795 million) through hydroelectric-powered Bitcoin mining. Unlike most nations that acquire Bitcoin via confiscation or purchase, Bhutan generates it directly using sustainable energy. This model positions the country as a unique case study in environmentally responsible, government-led crypto accumulation.
Its continued investment in green mining infrastructure suggests a growing trend where nations leverage natural resources to enter the digital asset economy.
El Salvador
El Salvador’s national Bitcoin strategy continues to gain momentum. The country now holds 6,135 BTC (valued at $567.8 million), having consistently purchased one Bitcoin per day since late 2022 under President Nayib Bukele’s economic vision.
Bitcoin is legally recognized as tender alongside the U.S. dollar, and new initiatives—including Bitcoin-backed bonds and tourism development—are underway to boost adoption and foreign investment.
Ukraine
Since 2024, Ukraine has received over 256 BTC in donations (worth roughly $213 million) from global supporters to fund military and humanitarian efforts during ongoing conflict. These funds were swiftly converted into fiat currency to meet urgent operational needs.
While Ukraine does not maintain a long-term Bitcoin reserve, its experience underscores how digital currencies can enable rapid international financial support during crises.
Germany
Germany completed the full liquidation of its 46,359 BTC (once valued at $3.9 billion) by mid-2024. The sale contributed to a 17% drop in Bitcoin’s price over several weeks, illustrating how large-scale government exits can destabilize markets.
Facing budget constraints and legal requirements to convert seized assets into cash, Germany’s decision reflects the tension between fiscal responsibility and market sensitivity.
How Do Governments Acquire Bitcoin?
There are four primary methods through which governments obtain Bitcoin: asset confiscation, direct purchases, mining operations, and public donations.
Asset Confiscation
Law enforcement agencies in the U.S., China, and the UK have seized vast amounts of Bitcoin during investigations into fraud, darknet markets, and financial crimes.
- The U.S. acquired much of its stash from high-profile cases like the Silk Road takedown and the Bitfinex hack recovery.
- China’s holdings trace back to the collapse of the PlusToken scam, which defrauded investors of billions.
- The UK’s 61,000 BTC came from organized crime networks involved in money laundering.
These seizures highlight the role of regulation and enforcement in shaping national crypto reserves.
Active Purchases
El Salvador stands alone as the only nation engaging in regular, state-funded Bitcoin acquisitions. Its daily purchase strategy reinforces a broader mission: building national wealth through decentralized assets.
This proactive stance contrasts sharply with reactive accumulation models based solely on confiscation.
Mining Operations
Bhutan exemplifies how governments can mine Bitcoin sustainably. By harnessing surplus hydropower—clean and low-cost energy—the nation produces Bitcoin without increasing carbon emissions or relying on external markets.
This approach may inspire other resource-rich but economically developing countries to explore similar models.
Donations
Ukraine’s experience shows that governments can receive significant crypto donations during times of crisis. Decentralized finance enables borderless giving with minimal transaction fees and faster settlement than traditional banking channels.
However, most recipient governments choose to immediately convert donations into fiat to ensure liquidity and budget control.
👉 See how countries are turning seized or mined crypto into strategic national assets.
Why Are Some Governments Selling Bitcoin?
Not all governments view Bitcoin as a long-term store of value. Several factors drive liquidation decisions:
Budgetary Pressures
Countries facing fiscal deficits may sell Bitcoin to cover shortfalls. Germany’s sale was partly motivated by budget constraints, demonstrating how macroeconomic conditions influence crypto policy.
Market Timing
Some governments time their sales to capitalize on peak prices. While this generates revenue, it can also trigger downward pressure on the market if not managed carefully.
Legal Requirements
In many jurisdictions, seized assets must be converted into fiat currency within a set timeframe. The U.S., for instance, regularly auctions confiscated Bitcoin due to legal mandates—ensuring transparency but sometimes disrupting market equilibrium.
Top Five Governments Holding Bitcoin in 2025
As of April 2025, the top five governments by Bitcoin holdings are:
- United States – 198,012 BTC
- China – 194,000 BTC
- United Kingdom – 61,000 BTC
- Bhutan – 8,594 BTC
- El Salvador – 6,135 BTC
These figures reflect diverse strategies: from enforcement-driven accumulation to proactive economic transformation.
Frequently Asked Questions (FAQ)
Q: Is it legal for governments to hold Bitcoin?
A: Yes, there is no international law prohibiting governments from holding Bitcoin. However, individual countries regulate usage differently—some embrace it strategically, while others restrict or ban private ownership.
Q: Can government Bitcoin sales crash the market?
A: Yes. Germany’s 2024 liquidation caused a double-digit percentage drop in price. Large-scale sales flood the market with supply, often triggering panic selling among retail investors.
Q: Does China plan to sell its Bitcoin reserves?
A: As of now, China has not announced any plans to sell. Given its strict domestic crypto bans, any future sale would likely be unexpected and could significantly impact global markets.
Q: How does El Salvador afford daily Bitcoin purchases?
A: The purchases are funded through state budgets and revenue from Bitcoin bond issuances and tourism projects tied to its "Bitcoin City" initiative.
Q: Could other countries follow Bhutan’s mining model?
A: Absolutely. Nations with abundant renewable energy—like Iceland (geothermal) or Norway (hydro)—could replicate Bhutan’s sustainable mining strategy to generate national income.
Q: What is the “Digital Fort Knox” mentioned in the U.S.?
A: It's a proposed strategic reserve for storing seized cryptocurrencies long-term instead of immediate auctioning. The goal is better market stability and enhanced federal control over digital assets.
The global landscape of government-held Bitcoin is rapidly evolving. From strategic reserves to emergency funding tools, digital currencies are becoming integral to national finance—reshaping policy, markets, and geopolitical power dynamics.
👉 Learn how strategic crypto adoption could redefine national economies by 2025.