Governments Worldwide Accumulate 2.3% of Bitcoin Supply

Governments around the world are increasingly accumulating Bitcoin, with approximately 463,000 BTC, or about 2.3% of Bitcoin’s total supply, currently held by sovereign entities. This represents tens of billions of dollars in Bitcoin wealth, highlighting the growing role of Bitcoin in national asset strategies and state-level accumulation. While the United States and China are the most prominent players in this arena, other countries are quietly building their Bitcoin reserves through various means.

The United States holds nearly 200,000 BTC, valued between $18 billion and $22 billion as of early 2025. The US government has formalized the creation of a Strategic Bitcoin Reserve, consolidating all seized BTC under federal control. This move signals a shift in geopolitical mindset, treating Bitcoin as a strategic asset rather than a forfeited one.

China, on the other hand, confiscated over 190,000 BTC from the PlusToken scam in 2019. The fate of these funds remains unclear, with some analysts suggesting they were liquidated while others believe they are held in government wallets. Despite its ban on domestic trading and mining, China remains a key player in the geopolitics of Bitcoin ownership.

Beyond the US and China, several other countries are quietly accumulating Bitcoin. Bhutan, for instance, has mined between 12,000 and 13,000 BTC using its vast hydropower capacity. This represents a significant portion of Bhutan’s national economy, highlighting the country’s strategic use of Bitcoin as a core economic pillar. The UK, meanwhile, seized approximately 61,000 BTC during a money laundering investigation, with debates ongoing about whether to retain or liquidate these assets.

Ukraine has used Bitcoin as a fundraising tool for national defense, receiving over $70 million in BTC donations during the first year of its conflict with Russia. El Salvador, which declared Bitcoin legal tender in 2021, has accumulated over 6,000 BTC and continues to view Bitcoin as a long-term asset despite repealing its legal tender status. Iran, through a legal-mining-for-reserves model, has turned cheap electricity into a pipeline for accumulating state-backed Bitcoin holdings, bypassing sanctions and paying for imports without declaring a single wallet address.

Other countries, such as the United Arab Emirates and Bulgaria, are rumored to hold significant amounts of Bitcoin, although these claims are often debated and lack official confirmation. Smaller nations like Finland, Georgia, and Venezuela also have documented, albeit modest, Bitcoin reserves, typically resulting from legal seizures rather than strategic policy.

The motivations behind these quiet Bitcoin accumulations vary. For some, it’s strategic diversification, treating Bitcoin as digital gold to hedge against inflation or de-dollarize reserves. For others, it’s a means to turn surplus renewable energy into sovereign capital or bypass global sanctions. Despite the challenges of volatility and transparency, nations that hold Bitcoin are shaping a new layer of global economic strategy, making Bitcoin a tool of the state.