While the United States and China are often cited as the leading governmental holders of Bitcoin, several other nations have quietly amassed significant reserves of the cryptocurrency. These holdings often stem from diverse sources, including strategic investments, seizures from criminal activities, and even mining operations. Understanding which countries are accumulating Bitcoin and how they are doing so provides valuable insights into the evolving landscape of cryptocurrency adoption and its integration into national economies.
The United Kingdom holds a notable amount of Bitcoin, primarily acquired through dismantling money laundering operations. As of April 2025, the UK's reserves totaled approximately 61,000 BTC, valued at around $5.6 billion. The government has not yet decided whether to sell these holdings or allocate them to public finance initiatives.
Ukraine has also emerged as a significant holder of Bitcoin. Much of Ukraine's Bitcoin was received as donations from supporters worldwide, aimed at bolstering its defense and humanitarian efforts amidst ongoing geopolitical tensions. As of early 2025, Ukraine's holdings were reported to be around 46,351 BTC.
Bhutan has quietly entered the Bitcoin arena through strategic mining operations powered by hydroelectric energy. The Kingdom's Bitcoin holdings have fluctuated, with a notable increase in May 2025, followed by some movement between Bhutan and a Binance hot wallet. As of July 2025, Bhutan commands around 11,924 BTC, worth approximately $1.28 billion.
El Salvador made history in 2021 by becoming the first country to adopt Bitcoin as legal tender. President Nayib Bukele has been a vocal advocate for Bitcoin, championing its potential to revolutionize financial systems and boost economic inclusion. Since November 2022, El Salvador has been purchasing 1 BTC per day as part of its national strategy. As of April 2025, El Salvador holds approximately 6,135 BTC.
Other countries with smaller but still noteworthy Bitcoin holdings include Finland and Georgia. These nations have acquired Bitcoin through various means, including seizures and investments. North Korea, through the Lazarus Group, has been involved in significant Bitcoin heists, although they have been actively selling off their ill-gotten gains.
It's worth noting that the figures for governmental Bitcoin holdings can be difficult to ascertain precisely, as governments may not always publicly disclose their reserves. Additionally, the market value of these holdings fluctuates with Bitcoin's price. Despite these uncertainties, it's clear that a growing number of countries are engaging with Bitcoin, whether as a strategic asset, a means of combating financial crime, or a tool for supporting national initiatives. As Bitcoin adoption continues to evolve, it will be interesting to observe how these countries manage their digital assets and what impact their involvement has on the broader cryptocurrency ecosystem.
