As global interest in digital assets accelerates, national Bitcoin reserves are emerging as a strategic financial move. With the United States preparing to establish its Strategic Bitcoin Reserve (SBR)—a development spurred by recent executive actions—the spotlight is turning to other nations already ahead of the curve. These countries have quietly amassed significant BTC holdings, positioning themselves at the forefront of a financial transformation.
Below is an updated analysis of the top nine countries holding Bitcoin, based on publicly available data and official disclosures.
The Global Shift Toward National Bitcoin Reserves
Bitcoin is no longer just an asset for individual investors or private institutions. Governments are increasingly recognizing its potential as a long-term store of value, hedge against inflation, and tool for economic resilience. From small nations embracing BTC as legal tender to major economies quietly accumulating, the trend is clear: Bitcoin is entering the realm of national treasuries.
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1. China – 194,000 BTC
China leads the list with an estimated 194,000 BTC, valued at over **$17 billion** at current market prices (~$89,500 per BTC). While China maintains strict regulations on cryptocurrency trading and mining, it’s believed that state-affiliated entities or sovereign wealth funds may be behind these holdings.
This data, as of December 12, 2024, highlights a paradox: a country that banned crypto exchanges still holds one of the largest national BTC positions. Some analysts suggest these holdings were acquired during earlier mining dominance or through strategic purchases before regulatory crackdowns.
2. United States – 112,189 BTC
The U.S. currently holds approximately 112,189 BTC, worth over $10 billion**. However, this figure represents only a fraction of what could have been retained. Over the years, the U.S. government sold off around **195,000 BTC**—seized from illicit activities—for just **$366 million.
Had those bitcoins been held, they would be worth over $17 billion today**, representing a missed opportunity of more than **$172 billion in unrealized gains. With plans for a formal Strategic Bitcoin Reserve now underway, policymakers are reevaluating digital asset retention strategies.
👉 Learn how governments can leverage Bitcoin for long-term fiscal stability.
3. United Kingdom – 61,000 BTC
The UK ranks third with an estimated 61,000 BTC, valued at nearly $5.5 billion. While there has been no official statement from the Bank of England or HM Treasury confirming direct ownership, blockchain analytics and seizure records suggest accumulated holdings through law enforcement seizures and asset forfeitures.
The UK’s progressive stance on fintech innovation makes it a likely candidate for future formal adoption of Bitcoin as part of its reserve strategy.
4. Ukraine – 46,351 BTC
Ukraine holds approximately 46,351 BTC, worth around $4.1 billion. These holdings largely stem from donations received during the ongoing conflict with Russia, where global crypto communities rallied to support humanitarian and defense efforts.
The Ukrainian government has been transparent about its digital asset use, integrating blockchain into public services and exploring ways to monetize BTC holdings without selling—such as using them as collateral for low-interest loans.
5. Bhutan – 13,029 BTC
Tiny but visionary, Bhutan holds 13,029 BTC, valued at over $1.16 billion. In a rare public disclosure, the Prime Minister confirmed the nation’s Strategic Bitcoin Reserve in an official interview, explaining that BTC proceeds have helped fund national development projects.
This marks one of the first instances of a government openly linking Bitcoin revenues to public spending—setting a precedent for small economies seeking financial sovereignty.
6. El Salvador – 6,103 BTC
El Salvador remains the most vocal proponent of national Bitcoin adoption. With 6,103 BTC in reserves (worth nearly $548 million), it was the first country to make Bitcoin legal tender in 2021.
Beyond holding BTC, El Salvador announced a landmark $1.6 billion investment in “Bitcoin City” in August 2024—a special economic zone powered by geothermal energy near La Unión. This project represents the largest private investment in the country’s history and underscores a bold vision for Bitcoin-driven infrastructure.
7. Finland – 1,918 BTC
Finland holds about 1,918 BTC, valued at over $171 million. While not officially declared as part of national reserves, these holdings are believed to originate from seized assets and tax enforcement actions.
More notably, Finland exemplifies innovative integration of Bitcoin mining into sustainable energy systems. The Genesis Terahash project operates entirely on renewable energy and uses high-temperature ASIC miners to generate heat at 70°C—feeding into local district heating networks.
This system provides year-round energy for a town of 12,000 residents, offering hot water in summer and heating in winter—a model other European nations are studying closely.
8. Venezuela – 240 BTC
Venezuela holds 240 BTC, worth over $21 million. Despite economic turmoil and hyperinflation, the country has maintained a small but growing interest in digital currencies.
While Venezuela previously promoted its own state-backed token (the Petro), recent blockchain activity suggests increasing accumulation of Bitcoin—possibly through mining operations or informal remittance channels.
9. Georgia – 66 BTC
Georgia rounds out the list with 66 BTC, valued at approximately $5.9 million. Though modest in size, this holding reflects Georgia’s growing reputation as a crypto-friendly nation with low taxes and minimal regulation.
The country has become a hub for mining and blockchain startups in Eastern Europe, attracting foreign investment and talent—laying groundwork for future reserve expansion.
Other Potential Holders
Beyond these nine nations, there are strong indications that Russia and the Czech Republic may also hold undisclosed amounts of Bitcoin. Russia recently passed comprehensive crypto tax regulations, while the Czech President signed legislation eliminating capital gains tax on Bitcoin held over three years—both signals of institutional acceptance.
Frequently Asked Questions (FAQ)
Why are countries buying Bitcoin?
Countries acquire Bitcoin as a hedge against inflation, currency devaluation, and geopolitical instability. Its fixed supply makes it an attractive alternative to traditional reserve assets like gold or foreign currencies.
Is Bitcoin safe in government hands?
Yes—when stored using cold wallet technology and multi-signature protocols. Most government-held BTC comes from seized assets and is managed under strict custody standards.
Can small countries benefit from holding Bitcoin?
Absolutely. Nations like El Salvador and Bhutan show that even modest BTC reserves can fund infrastructure, boost tourism, and attract global investment.
Does holding Bitcoin replace gold reserves?
Not yet—but it’s becoming a complementary asset. Some economists argue Bitcoin could eventually rival gold due to its portability, verifiability, and scarcity.
How do governments acquire Bitcoin?
Primarily through asset seizures (e.g., from illegal activities), mining incentives, donations (like Ukraine), or direct purchases via treasury funds.
Will more countries follow suit?
Yes. Coinbase CEO Brian Armstrong predicts that many G20 nations will establish Strategic Bitcoin Reserves within the next decade—mirroring the U.S. move toward institutional adoption.
Final Thoughts: The Rise of National Crypto Treasuries
The era of Bitcoin as a fringe asset is over. With over 330,000 BTC collectively held by just nine nations—worth more than $30 billion—digital currency is becoming a legitimate component of national balance sheets.
From energy innovation in Finland to fiscal resilience in Bhutan, each case demonstrates unique strategic advantages. As more governments recognize Bitcoin’s potential beyond speculation—as a tool for sovereignty, sustainability, and security—the global financial landscape will continue to evolve.
👉 See how the next wave of national Bitcoin adoption could impact your investments.
Whether you're an investor, policymaker, or observer, one thing is certain: Bitcoin is no longer optional in the conversation about national wealth.
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