Top 6 Countries Holding Bitcoin Reserves in 2025

President Donald Trump recently signed an executive order to establish a Strategic Bitcoin Reserve, utilizing tokens the government already owned.

President Donald Trump recently signed an executive order to establish a Strategic Bitcoin Reserve, utilizing tokens the government already owned. The move sparked debate within the crypto industry, especially as Trump expanded the reserve to include a selection of altcoins.

Industry leaders quickly weighed in on the cryptocurrency reserve, highlighting a key aspect of the Bitcoin market: national governments. Some governments hold Bitcoin through direct purchases, confiscations, or other methods.

This article delves into the top six countries with national Bitcoin portfolios in 2025, examining how they acquired their BTC and their future plans to expand these holdings. We will also mention nations still considering the future of their cryptocurrency custody.

Top 6 Countries Holding Bitcoin Reserves in 2025:

United States of America

The U.S. government held approximately 207,189 Bitcoins in early 2025. A substantial portion of this volume resulted from law enforcement confiscations, with well-documented sources.

The largest seizure by the U.S. government occurred during the 2016 Bitfinex hack. U.S. law enforcement recovered 94,643 BTC from Ilya Lichtenstein and Heather Morgan. These seized assets will remain in government custody and contribute to the Strategic Bitcoin Reserve.

Aside from the 2016 Bitfinex hack, the U.S. Justice Department seized 69,370 BTC from a wallet linked to the Silk Road dark web marketplace in 2020. Other Bitcoin confiscations that contributed to the U.S.'s Bitcoin holdings include an additional 12,267 BTC seized from Bitfinex, 9,800 BTC confiscated from James Zhong, another Silk Road-related figure, and another 2,818 BTC linked to a Bitfinex hack.

These seizures, along with smaller confiscations, amounted to the 207,189 Bitcoins the U.S. government held in early 2025.

China: Silent Bitcoin Powerhouse

Like the U.S., China also held a substantial amount of Bitcoin. Although the Asian nation never disclosed its Bitcoin holdings, it is known to have seized nearly 195,000 BTC from the PlusToken Ponzi scheme in 2020.

Importantly, the Chinese government transferred the coins to the national treasury in 2023 but did not specify whether they sold them. However, most crypto analysts believe China did not sell the Bitcoin and might opt to create a Bitcoin reserve.

United Kingdom: Bitcoin Confiscation for Money Laundering Enforcement

The U.K. followed China and the U.S. in acquiring Bitcoins through confiscation. However, the volume of Bitcoins seized by the U.K. was significantly less than that of the U.S. and China.

Analysis of the U.K.'s Bitcoin holdings revealed that the European nation held only 61,245 BTC. Notably, the majority of the U.K.'s Bitcoin was acquired through confiscations, with law enforcement agencies playing a key role.

Due to the U.K.'s primary focus on money laundering, and the fact that most of the cryptocurrency seized was used for illicit activities, the government's attention in that area led to the acquisition of Bitcoin.

Ukraine: Crypto Donations Amid Conflict

The ongoing war between Russia and Ukraine prompted the latter to seek donations through alternative transaction protocols. The Ukrainian government accepted donations, mainly in Bitcoin, to fund its defense and humanitarian efforts during the current conflict.

The total number of Bitcoins that the Ukrainian government held in the first quarter of 2025 was 46,351 BTC. This volume placed Ukraine as the fourth-largest government to hold Bitcoin in early 2025.

Bhutan: Bitcoin Mining for Economic Diversification

The Kingdom of Bhutan is known for engaging in cryptocurrency mining as part of a broader strategy to pursue digital assets. The nation's Bitcoin reserve is estimated to hold around 13,029 BTC, making it the fifth-largest government-owned Bitcoin reserve.

Bhutan began mining Bitcoin in 2019 but did so quietly, remaining largely unnoticed by many industry analysts for several years. The country's Bitcoin reserve is said to amount to about 30% of its GDP, and reports indicate that the state-owned Druk Holding & Investments (DHI) mines between one and five Bitcoins daily.

It is noteworthy that Bhutan adopted a Bitcoin program as an alternative revenue stream to support its primary industry, tourism. The government increased its efforts in Bitcoin mining after the near collapse of the tourism industry during the pandemic. Since then, crypto mining has become a major income source for the Himalayan nation.

El Salvador: Bitcoin Adoption as Legal Tender & Reserve

El Salvador adopted a Bitcoin law in September 2021, becoming the first country to adopt the cryptocurrency