Government Accumulation Strategies for Bitcoin

Governments generally accumulate Bitcoin through a range of avenues: seizures from criminal activities, mining operations, and direct purchases. The strategic management of these digital assets has triggered substantial conversations within the cryptocurrency community regarding the implications for the industry and the future of Bitcoin as a traditional asset. The emergence of national reserves signifies an evolution in how governments engage with digital currencies and reflects both potential and caution in their approaches to these assets.

Top 6 Countries Holding Notable Bitcoin Reserves in 2025

1. United States of America

As of the beginning of 2025, the US government holds approximately 207,189 Bitcoins. This substantial figure largely derives from law enforcement actions, particularly notable seizures such as the infamous Bitfinex hack in 2016. US authorities successfully reclaimed 94,643 BTC from Ilya Lichtenstein and Heather Morgan, contributing significantly to Bitcoin reserves that now form a crucial part of the government’s Strategic Bitcoin Reserve.

Additionally, the Justice Department seized 69,370 BTC linked to the Silk Road marketplace in 2020 and other significant contributions from various operations resulted in the current volume, cementing US status as a major player in the Bitcoin landscape.

2. China: An Underreported Bitcoin Giant

China remains a significant but often discreet player in the Bitcoin arena, holding an estimated 195,000 BTC primarily obtained from the PlusToken Ponzi scheme seizure in 2020. Although the Chinese government transferred these assets to the national treasury in 2023, there has been no clear indication whether they have been sold. Analysts speculate that China may aim to develop a national Bitcoin reserve, further legitimizing its involvement in the cryptocurrency sector.

3. United Kingdom: Confiscation Driven by Financial Crime Enforcement

The UK has pursued a strategy similar to that of the US and China, obtaining Bitcoin through confiscations, albeit to a lesser extent. As of this writing, the UK government has seized 61,245 BTC, predominantly in connection with money laundering operations. Regulatory focus on financial crime has positioned the UK as an active player in accumulating Bitcoin despite its relatively smaller holdings compared to other nations.

4. Ukraine: Harnessing Bitcoin During Conflict

The war with Russia has propelled Ukraine to adopt alternative funding methods, significantly integrating Bitcoin into its financial strategy. As of early 2025, Ukraine holds 46,351 BTC, which the government has utilized to support defense and humanitarian efforts during the ongoing crisis. This innovative approach illustrates how cryptocurrencies can play a vital role in national initiatives amid geopolitical turmoil.

5. Bhutan: Embracing Mining for Economic Resilience

Bhutan has emerged as an unexpected player in the cryptocurrency market through dedicated Bitcoin mining. The nation boasts about 13,029 BTC in reserves, a reflection of its commitment to economic diversification. Commencing Bitcoin mining activities quietly in 2019, the government has since ramped up operations as a means of generating revenue, particularly essential after the tourism industry faced crippling challenges during the pandemic.

6. El Salvador: Pioneering Bitcoin as Legal Tender

El Salvador took the groundbreaking step of adopting Bitcoin as legal tender in 2021, making it the first country to do so officially. Under President Nayib Bukele’s leadership, the nation has engaged actively in accumulating Bitcoin, amassing approximately 6,105 BTC in its reserves. Despite criticism from global financial institutions like the IMF, El Salvador remains committed to leveraging Bitcoin to improve financial inclusion and stimulate economic growth.