Governments Hold 463,741 Bitcoins Worth Billions Amid Price Surge

As of the first quarter of 2025, governments worldwide collectively hold over 463,741 Bitcoins, representing approximately 2.3% of the total Bitcoin supply. This figure marks a slight decrease from the 529,591 Bitcoins reported in July 2024. With the current price of Bitcoin estimated at $104,330.90, the total market value of these holdings has reached billions of dollars. The Kingdom of Bhutan and El Salvador are among the governments with the largest crypto holdings, having accumulated their reserves through harnessing abundant hydropower resources for mining and direct purchases.

The United Arab Emirates (UAE) is rumored to hold the largest government Bitcoin reserve, with an estimated 420,000 Bitcoins valued at $44.6 billion. However, the exact figure remains uncertain. The United States follows closely with 98,012 Bitcoins, valued at approximately $18.3 billion. The US government acquired these holdings primarily through law enforcement actions against cybercrime and fraud, including seizures from the Silk Road and Bitfinex hacks. These forfeited assets are directed to the Assets Forfeiture Fund or the Treasury.

China, despite banning private ownership of Bitcoin, holds a significant amount of the cryptocurrency. The government seized 194,000 Bitcoins from the 2019 Plustoken scam, valued at approximately $17.6 billion. There are also speculations that the Chinese government may be involved in buying or mining Bitcoins, although no official announcements have been made. The United Kingdom holds 61,245 Bitcoins, valued at $6.52 billion, primarily accumulated from money laundering cases and seizures linked to criminal activities.

Ukraine, with one of the highest crypto adoption rates in 2024, holds 46,351 Bitcoins valued at approximately $4.93 billion. The war in Ukraine has accelerated the legalization of cryptocurrency within the country’s financial system, and donation wallets received significant amounts of Bitcoin and other cryptocurrencies amid the conflict. Bhutan, emphasizing a modern Bitcoin reserve plan, holds 12,062 Bitcoins valued at $1.28 billion, utilizing renewable hydropower sources to power mining operations and generate revenue.

El Salvador, the first country to recognize Bitcoin as legal tender, holds 6,210 Bitcoins valued at $659.78 million. The government purchased Bitcoin for about $500 million and also mines Bitcoin using geothermal energy. North Korea, known for cryptocurrency theft, holds 1,927 Bitcoins valued at $205.29 million, primarily from the $1.5 billion Bubit hack and other thefts. Venezuela, embracing cryptocurrencies to counter financial difficulties, holds 240 Bitcoins valued at approximately $25.5 million, although the source of these holdings is not confirmed.

Finland, with a proactive stance on regulating digital currencies, holds 90 Bitcoins valued at $9.56 million. These holdings are part of the national reserve and were seized in various criminal investigations. As the price of Bitcoin surges, many countries are following the trend to regulate cryptocurrency and establish Bitcoin Strategic Reserves to integrate Bitcoin into their national reserves. The rankings of the top 10 countries holding the most Bitcoins in Q1 2025 are subject to change with market flows.