These Countries are Taking a Strategic Bitcoin Reserve Seriously

Government Holdings of Bitcoin in 2025

From Seizures to Stacking: How Governments Are Building Their Bitcoin Reserves

Bitcoin isn’t just for retail traders and hedge funds anymore, governments have become some of the biggest BTC whales. Some nations are actively buying and mining, while others accumulate through criminal seizures and asset forfeitures.

Here’s a breakdown of the top Bitcoin-holding countries and how they’re building their reserves.

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🇧🇹 Bhutan – A Hidden Bitcoin Giant

Bhutan has been quietly stacking Bitcoin since 2019 through its sovereign investment firm, Druk Holding & Investments (DHI). The country has already sold over $33 billion in BTC and still holds $1 billion worth.

With abundant hydropower fueling its mining operations, Bhutan is turning digital gold into a national asset.

Bhutan	Current Status
Total BTC Holdings	11.523K BTC
Key Event	Bitcoin mining and investments
Date of Engagement	2019

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🇨🇳 China – Holding BTC Despite the Crackdown

China holds 190,000 BTC (~$13.2 billion) despite banning crypto trading and mining. Most of this stash came from the PlusToken Ponzi scheme, one of the biggest crypto scams in history.

While the government cracks down on retail traders, its Bitcoin reserves tell a different story.

China	Current Status
Total BTC Holdings	190,000 BTC
Current Valuation	$13.20 billion
Key Event	PlusToken Seizure

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🇨🇿 Czech Republic – Testing the Waters

The Czech Republic is considering Bitcoin for its national reserves. According to the Financial Times, Czech National Bank Governor Aleš Michl has proposed allocating 5% of the country’s €140 billion reserves into BTC.

If approved, this move would make Bitcoin an official part of the Czech Republic’s foreign exchange holdings, which is yet another sign that nations are starting to take BTC seriously.

Czech Republic	Current Status
Total BTC Holdings	N/A
Key Event	Proposal to invest 5% of its €140bn of reserves in bitcoin

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🇸🇻 El Salvador – The Bitcoin Pioneer

El Salvador made history in 2021 as the first country to adopt Bitcoin as legal tender. Unlike other nations that rely on seizures, El Salvador is buying it outright, currently holding 6,068 BTC (~$0.60 billion).

Since November 2022, the government has followed a simple plan: buying 1 Bitcoin per day, no matter the price.

El Salvador	Current Status
Total BTC Holdings	6.068K BTC
Current Valuation	$0.60 billion
Key Event	Legal Tender Adoption (2021)
Acquisition Strategy	“1 Bitcoin per Day” Program

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🇩🇪 Germany – The Bitcoin Liquidation Shockwave

Germany previously held 46,359 BTC ($3.02 billion), but liquidated its entire holdings in July 2024. The stash came from a 2013 piracy website seizure, and selling it off completely shook up the market.

The sudden flood of BTC put pressure on prices, showing just how much government sell-offs can move the crypto market.

Germany	Current Status
Total BTC Holdings	0 (previously 46,359 BTC)
Key Event	2013 Copyright Violation Seizure
Liquidation Status	Fully Liquidated (July 12, 2024)

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🇷🇺 Russia – The Bitcoin Wildcard

Russia has been debating whether to add Bitcoin to its national reserves, with some politicians backing the idea. While a few see BTC as a smart strategic asset, concerns over price volatility have put those plans on ice… for now.

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In 2024, Russia legalized Bitcoin for international trade as a way to bypass Western sanctions. There’s been talk of building a Bitcoin reserve, but for now, the government isn’t pulling the trigger just yet, waiting for the price to stabilize before making any big decisions.

Russia	Current Status
Total BTC Holdings	Not Officially Disclosed
Key Event	Legalized Bitcoin for international trade; Politicians propose BTC reserves
Date of Engagement	Exploring Reserves since 2022

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🇺🇦 Ukraine – Bitcoin for War Relief

When Russia invaded Ukraine in 2022, the Ukrainian government turned to Bitcoin donations on Twitter(X). The country has received over 1,336 BTC (~$45.23M), with 186 BTC ($12.93M) still in reserve.

Ukraine	Current Status
Total Donations Received	1,336.4 BTC
Current Balance	186.18 BTC
Current Valuation	$12.93 million
Key Event	War Effort Fundraising (2022)

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🇬🇧 United Kingdom – Confiscation King

The UK is sitting on 61,000 BTC, which is worth about $5.98 billion. But make no mistake, this isn’t a strategic government investment. The stash came from a major money laundering bust, where a Chinese takeaway worker was secretly running a massive crypto operation.

With this seizure, the UK now ranks as the third-largest government BTC holder worldwide.

United Kingdom	Current Status
Total BTC Holdings	61,000 BTC
Current Valuation	$5.98 billion
Key Event	Money Laundering Case Seizure

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🇺🇸 United States – The Ultimate Bitcoin Whale

The U.S. is the world’s biggest government Bitcoin whale, holding a whopping 198,109 BTC (~$19 billion) as of February 2025. But this isn’t about strategic investing, most of it actually came from seizures.

One of the biggest confiscations was the Silk Road darknet bust, which alone added 69,000 BTC to Uncle Sam’s stash.

United States	Current Status
Total BTC Holdings	198.109K BTC
Current Valuation	$19 billion
Key Event	Silk Road Seizure (69,000 BTC)

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Conclusion: Bitcoin Reserves Are Becoming the New Gold

As of July 29, 2024, governments collectively hold 2.2% of Bitcoin’s total supply. While the U.S. and China dominate through seizures, nations like El Salvador and Bhutan are actively stacking BTC.

Germany’s full liquidation proved how much government reserves can shake the market, while Ukraine’s BTC donations highlighted crypto’s real-world utility. One thing is certain: Bitcoin is no longer just for traders. Governments are in. You could be in too.

Expert Take: Bitcoin is becoming a reserve asset faster than people realize.

With fiat losing value left and right and BTC holding strong, governments might start stacking Bitcoin like it’s gold 2.0. Some analysts think it’s only a matter of time before more countries ditch the “confiscated contraband” mindset and start treating BTC like a real strategic asset.

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