Written by: Fairy, ChainCatcher
Editor: TB, ChainCatcher
Bitcoin is a hidden piece in a new round of national competition.
This morning, the U.S. House of Representatives passed the GENIUS Act, the CLARITY Act, and the Anti-CBDC Monitoring National Act consecutively, officially kicking off the acceleration of cryptocurrency legislation.
When Bitcoin becomes a national policy, sovereign states are no longer bystanders but participants, players, or even table-flippers. In today's escalating global monetary game, understanding the cryptocurrency layout of the 'national team' may be a key step in grasping the next round of global financial trends.
This article will deeply analyze the current Bitcoin holdings and policy directions of major countries around the world, revealing the true pattern of this 'national-level holdings game'.
Time-saving version | Overview of Bitcoin holdings in various countries
Direct to the point: The table below summarizes the holding amounts, source channels, and policy attitudes of various countries regarding Bitcoin, providing a quick overview of the 'national team's' crypto asset landscape.
Country-by-country interpretation | Who is hoarding coins? Who is clearing out?
United States
Holding amount: approximately 198,012 BTC
Main source: law enforcement seizures, including the Silk Road case, Bitfinex hacker incident, etc.
Strategic direction:
In March 2025, the Trump administration signed an executive order to formally establish a strategic Bitcoin reserve and digital asset reserve.
Currently, a cryptocurrency week is underway in the House of Representatives, with three cryptocurrency bills under concentrated review: the GENIUS Act, the CLARITY Act, and the Anti-CBDC Act, which address stablecoins, digital asset classification, and central bank digital currencies.
The House of Representatives has passed all three bills. Among them, the CLARITY Act and the Anti-CBDC Act will be submitted to the Senate for review; while the GENIUS Act is expected to be formally signed into law by Trump this Friday.
China
Holding amount: approximately 194,000 BTC
Main source: seizures from the PlusToken Ponzi scheme in 2019
Strategic direction:
In 2017, the People's Bank of China and seven ministries jointly issued a document to completely halt ICOs and the operation of cryptocurrency trading platforms; in September 2021, ten ministries including the central bank jointly issued a notice to definitively classify cryptocurrency trading as 'illegal financial activities' and increased efforts.
Currently, local governments are showing signs of exploring stablecoins: for instance, the Wuxi Municipal Committee is exploring stablecoin empowerment for foreign trade development; the Shanghai State-owned Assets Supervision and Administration Commission held a study meeting on the trends and strategies regarding cryptocurrencies and stablecoins.
Additionally, Hong Kong has adopted an open attitude and fully embraced cryptocurrency. The Hong Kong (Stablecoin Regulation) will take effect in August, with more than 50 companies in Hong Kong intending to apply for stablecoin licenses.
United Kingdom
Holding amount: approximately 61,000 BTC
Main source: law enforcement seizures from criminal activities such as money laundering
Strategic direction:
In September 2024, the Digital Asset Property Act was officially introduced, clearly recognizing cryptocurrencies as legally protected personal property, providing clear judicial protection.
The UK Financial Conduct Authority (FCA) requires all virtual asset service providers to register and fully comply with anti-money laundering (AML) and counter-terrorist financing (CFT) rules.
Bhutan
Holding amount: approximately 11,286 BTC
Main source: green Bitcoin mining relying on hydropower resources
Strategic direction:
In 2019, the Royal Monetary Authority of Bhutan launched a regulatory sandbox framework for cryptocurrency mining, providing regulatory conditions for mining. The government quietly established Bitcoin mining sites, utilizing its rich hydropower resources to 'mine' BTC and managing assets through the sovereign wealth fund Druk Holding & Investments (DHI).
Previously, Bhutan had 12,574 BTC through mining, accounting for about 30%-40% of its GDP. However, Bhutan also periodically conducts selling operations, transferring 749.3 BTC to its Binance in the past two weeks, still holding 11,286 BTC.
El Salvador
Holding amount: approximately 6,240 BTC
Main source: government purchases and mining
Strategic direction:
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender. El Salvador requires all goods in the country to be priced in Bitcoin; any economic entity must accept Bitcoin payments; Bitcoin transactions are exempt from capital gains tax, and taxes can be paid in cryptocurrency.
At the beginning of 2025, due to pressure from the International Monetary Fund (IMF), El Salvador adjusted its policy: Bitcoin no longer holds mandatory circulation status and is now 'voluntarily accepted'; tax payments can no longer be settled in cryptocurrency.
Currently, Bitcoin remains an important part of the country's economic strategy, maintaining a policy of purchasing 1 BTC daily.
Iran
Holding amount: unknown quantity, experts estimate a cumulative holding of 60,000 to 200,000 BTC
Main source: local mining
Strategic direction:
In 2019, the government officially legalized Bitcoin mining and required miners to sell some of the mined BTC to the central bank. According to Andrew Scott Easton, founder of Mastermined, Iran has mined over 60,000 BTC to date; Kent Halliburton, founder of Sazmining, believes the total may have reached 100,000 to 200,000 BTC.
In December 2024, Iran changed its stance on digital currencies, shifting from imposing restrictions to focusing on regulation. Iranian Minister of Economic Affairs and Finance Abdolnaser Hemmati emphasized the government's plan to mitigate the economic risks posed by digital currencies while leveraging their potential benefits.
Finland
Holding amount: approximately 90 BTC
Main source: seizures in criminal cases, especially from major drug busts in 2016
Strategic direction:
Finland once held 1,981 BTC, primarily seized by Finnish customs in criminal cases. In 2022, the government decided to donate part of the proceeds from selling 1,890 BTC to Ukraine, using several million euros as humanitarian aid.
Since 2018, the Finnish Financial Supervisory Authority (FIN-FSA) has included the cryptocurrency industry in the (Virtual Currency Providers Act) regulatory framework; this act requires all trading platforms, custodians, and wallet service providers to register and comply with KYC/AML obligations.
Starting in 2025, Finland will fully implement the EU's MiCA regulations, covering multiple dimensions such as stablecoins, DeFi, and crypto asset service providers, further aligning its regulatory framework with the EU.
Georgia
Holding amount: approximately 66 BTC
Main source: court litigation
Strategic direction:
In 2022, Georgia passed a new financial regulatory framework that brought digital asset trading and related businesses under regulatory oversight.
Starting in 2023, Georgia introduced the (Virtual Asset Service Provider (VASP) Registration Act), requiring cryptocurrency-related businesses to register with the National Bank and obtain licenses, complying with the Financial Action Task Force (FATF) anti-money laundering (AML) and counter-terrorist financing (CFT) standards.
Venezuela
Holding amount: approximately 240 BTC
Main source: unknown
Strategic direction:
Venezuela was one of the earliest countries to incorporate cryptocurrencies into its national governance toolbox. In 2018, the government issued the (Constitutional Decree on Cryptocurrencies and Related Activities), covering mining, trading, custody, platform operations, asset issuance, etc., and established a dedicated agency SUNACRIP for regulation.
In the same year, it launched the national sovereign digital currency Petro (PTR), which claimed to be backed by oil and mineral resources, issued on the DASH blockchain, but always lacked transparency and market trust. In 2023, a $3 billion corruption scandal involving SUNACRIP broke out, leading to a complete collapse of the regulatory system, and Petro was officially discontinued in 2024.
Faced with ongoing inflation, more and more Venezuelans are turning to stablecoins as a safe haven. By December 2024, experts said that stablecoin transactions currently account for almost half of the total cryptocurrency transactions in Venezuela.
Ukraine
Holding amount: approximately 186 BTC
Main source: global donations during the war, law enforcement seizures
Strategic direction:
Since the outbreak of the Russia-Ukraine war in 2022, Ukraine has become the first country to adopt Bitcoin on a large scale due to the practical needs of war rather than ideological motivations. Faced with obstacles to traditional financial channels, Ukraine quickly transformed cryptocurrency into a cross-border 'digital military expenditure'.
In March 2022 alone, Ukraine raised over $100 million in cryptocurrency donations through online platforms, once holding as much as 46,351 BTC. These funds were quickly invested in military equipment purchases, humanitarian aid, infrastructure repairs, and wartime logistics.
In May 2025, Ukraine is formulating a legal framework for holding Bitcoin in its national reserves, with a specialized parliamentary committee led by financial officials finalizing the legislative draft.
Germany
Holding amount: approximately 0 BTC
Main source: law enforcement seizures, confiscated 49,857 BTC from the illegal movie piracy website Movie2k.to
Strategic direction:
In January 2024, the German government confiscated 49,857 BTC (BTC) from the illegal movie piracy website Movie2k.to as part of law enforcement actions. Just six months later, the German government chose to sell this batch of Bitcoin.
In 2021, Germany passed new laws allowing approximately 4,000 existing institutional investment funds to invest in cryptocurrency assets, enabling fund managers to allocate 20% of their funds to crypto assets. By December 2024, Germany fully adopted the EU's (Regulation on Markets in Crypto-assets), regulating stablecoins, ICOs, and DeFi to ensure market transparency and consumer protection.
