Government Bitcoin Holdings in 2025: Who Owns the Most?

As of Q1 2025, the government collectively holds over 463,741 BTC, representing approximately 2.3% of Bitcoin’s total supply. This marks a slight decrease from 529,591 BTC reported in July 2024. With the current price per bitcoin estimated at $1,04,330.90, the market has reached billions of dollars. 

The Kingdom of Bhutan and El Salvador are some of the biggest crypto-holding governments, accumulated by harnessing the abundant hydropower resources to mine Bitcoin and purchase Bitcoin. 

Top Government Bitcoin Holding in 2025

This chart shows updated results from April 2025. 

1. United Arab Emirates

The UAE is rumored to have 420,000 Bitcoins worth $44.6 million. It is said to have more than double of US holdings; the credibility of these claims was added by former Binance CEO, Changpeng Zhao, on X. 

However, the exact figure is currently uncertain. 

2. United States

As of April 2025, the United States holds one of the largest bitcoin reserves, which they have obtained through law enforcement action against cybercrime and fraud. 

• Bitcoin holdings: 98,012 BTC

• Approximate value:  $18.3 billion 

Accumulation Source: 

• Largely from Silk Road and Bitfinex hacks. 

• Court authorization to seize cryptocurrency funds from illicit crypto sales. 

• Forfeited assets are ultimately directed to the Assets Forfeiture Fund or the Treasury 

Forfeiture Fund. 

• Proposals to utilize government gold reserves to buy bitcoin 

3. China 

Despite banning private ownership of Bitcoin and other cryptocurrencies, the Chinese government owns a significant amount of Bitcoin. 

• Bitcoin Holdings: 194,000 Bitcoins

• Approximate value: $17.6 billion (estimated)

Accumulation source: 

• Plus token ponzi scheme: China seized 194,000 Bitcoins from the 2019 Plustoken scam.

• There is a possibility that the Chinese government is getting involved in buying or mining Bitcoins– no official announcement has been made yet. 

4. United Kingdom

Recently, the UK has surpassed all countries in crypto adoption as the country manages to hold one of the largest Bitcoin reserves. 

• Bitcoin Holdings: 61,245 Bitcoins 

• Approximate value:  $6.52 billion

Accumulation source:

• The UK government’s bitcoin holdings are primarily accumulated from money laundering cases. 

• Seizure and forfeiture of cryptocurrencies linked to criminal activities, as the assets are often confiscated as part of investigations and legal proceedings, and then held by the government.  

5. Ukraine 

Ukraine had one of the highest crypto adoption rates in 2024, as it ranked sixth globally. The government has shown keen interest in Bitcoin and is currently planning to include Bitcoin and other digital assets in national reserves. 

• Bitcoin holdings: 46,351 Bitcoins 

• Approximate value:  $4.93 billion (estimated)

Accumulation source:

• The war in Ukraine has accelerated the legalization of cryptocurrency within the country’s financial system. 

• Ukraine’s donation wallets received a significant amount of Bitcoins and other crypto amid the war. 

6. Bhutan 

Unlike other governments, Bhutan is emphasising a well-shaped modern Bitcoin reserve plan to contribute to a greener global economy. Bhutan has led the way in tech innovation by adopting a modern crypto regulatory framework. 

• Bitcoin holdings: 12,062 Bitcoins

• Approximate value: $1.28 billion

Accumulation source: 

• Utilizing renewable hydropower sources to power bitcoin mining operations, allowing the government to generate revenue. 

7. El Salvador 

El Salvador is the first country to recognize bitcoin as legal tender, which is no longer applicable. However, despite the decline in growth rate after the renunciation of Bitcoin as national currency, the country managed to rank top 7 in Bitcoin holdings. 

• Bitcoin holdings: 6,210 Bitcoins

• Approximate value: $659.78 million

Accumulation source: 

• The government purchases Bitcoin for about $500 million, accelerating its digital assets holdings. 

• Bitcoin mining using geothermal energy is another source to accumulate the government’s Bitcoin holdings. 

8. North Korea 

While North Korea’s crypto regulation and law enactment are unknown, its government crypto holdings have been a headline for quite some time due to cryptocurrency theft. 

• Bitcoin holding: 1,927 Bitcoins

• Approximate value: $205.29 million

Accumulation sources:

• North Korea has ascended to the ranks of the world’s largest Bitcoin holders after the $1.5 billion Bubit hack. 

• An anonymous group reportedly stole and laundered $1.4 billion from crypto exchanges. 

9. Venezuela 

Venezuela has embraced cryptocurrencies and Bitcoin to counter financial difficulties. The government even announced that it would create a strategic bitcoin reserve, not been implemented yet. 

• Bitcoin holdings: 240 BTC 

• Approximate value: $25.5 million (estimated)

Accumulation source: 

• Venezuela’s Bitcoin accumulation source is not confirmed; the government created the Petro in 2017, which is the government’s own cryptocurrency. 

10. Finland 

Finland has a proactive government in regulating and supervising activities. While the country does not hold as much bitcoin as the US or UAE, it has still managed to rank ed as the top 10 bitcoin holders. 

• Bitcoin Holdings: 90 Bitcoins

• Approximate value: $9.56 million (estimated)

Accumulation Source: 

• Part of the national reserve with a forward-thinking stance on integrating digital currencies into financial strategies. 

• Seized in various criminal investigations in crypto scams. 

Conclusion

With the price surge in Bitcoin, many countries have started following the trend to regulate cryptocurrency. Several countries are even planning to establish a Bitcoin Strategic Reserve to integrate Bitcoin into the national reserve. While these are the top 10 countries in Q1 2025 to hold the most Bitcoins, the estimations keep changing with market flows.

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