Author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
Bitcoin is a hidden pawn in the new round of national competition.
This morning, the US House of Representatives consecutively passed the GENIUS Act, the CLARITY Act, and the anti-CBDC Monitoring National Act, officially kicking off the acceleration of cryptocurrency legislation.
When Bitcoin becomes a national policy, sovereign countries are no longer bystanders, but participants, players, and even table-flippers. In today's escalating global monetary game, understanding the 'national team's' crypto layout may be a key step in comprehending the next round of global financial trends.
This article will deeply analyze the current Bitcoin holding status and policy trends of major countries worldwide, revealing the true pattern of this "national-level holding game."
⏰ Time-saving version | Overview of Bitcoin holding status in various countries
Directly to the point: The table below summarizes the Bitcoin holding quantities, source channels, and policy attitudes of various countries, providing a quick overview of the crypto asset landscape of the 'national team.'
? Country-by-country interpretation | Who is hoarding coins? Who is liquidating?
United States
Holding quantity: approximately 198,012 BTC
Main source: Law enforcement seizures, including the Silk Road case, Bitfinex hack, etc.
Strategic direction:
In March 2025, the Trump administration signed an executive order to officially establish strategic Bitcoin reserves and digital asset reserves.
Currently, the House of Representatives is in the midst of Crypto Week, where three cryptocurrency bills are being reviewed: the GENIUS Act, the CLARITY Act, and the anti-CBDC Act, each targeting stablecoins, digital asset classification, and central bank digital currencies.
The House of Representatives has passed the aforementioned three bills. Among them, the CLARITY Act and the anti-CBDC Act will be submitted to the Senate for review; the GENIUS Act is expected to be officially signed into law by Trump this Friday.
China
Holding quantity: approximately 194,000 BTC
Main source: Seizures from the 2019 PlusToken Ponzi scheme
Strategic direction:
In 2017, the People's Bank and seven ministries jointly issued a notice to halt all ICOs and cryptocurrency trading platforms; in September 2021, the central bank and ten ministries jointly issued a notice clearly defining cryptocurrency trading as 'illegal financial activities' and intensified efforts.
Currently, local governments are showing signs of partial exploration of stablecoins: for example, the Wuxi Municipal Party Committee's reform task promotion meeting is exploring the empowerment of stablecoins for foreign trade development; the Shanghai State-owned Assets Supervision and Administration Commission held a central group study meeting focusing on the development trends and response strategies of cryptocurrencies and stablecoins.
In addition, Hong Kong has adopted an open attitude and fully embraced cryptocurrency. The Hong Kong (Stablecoin Regulations) will come into effect in August, with over 50 companies in Hong Kong intending to apply for stablecoin licenses.
United Kingdom
Holding quantity: 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 Bill was officially introduced, clearly defining cryptocurrency 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-terrorism financing (CFT) rules.
Bhutan
Holding quantity: 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), creating regulatory conditions for mining. The government discreetly established Bitcoin mining farms, utilizing its abundant hydropower resources to 'mine' BTC, and managed assets through the sovereign wealth fund Druk Holding & Investments (DHI).
Previously, Bhutan had mined 12,574 bitcoins, accounting for about 30%-40% of GDP. However, Bhutan has also been selling intermittently, transferring 749.3 BTC to Binance in the past half month, still holding 11,286 BTC.
El Salvador
Holding quantity: 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 that all prices of goods in the country can be priced in Bitcoin; any economic entity must accept Bitcoin payments; Bitcoin transactions are exempt from capital gains tax and can be used for tax payments.
At the beginning of 2025, due to pressure from the International Monetary Fund (IMF), El Salvador adjusted its policy: Bitcoin no longer has mandatory circulation status and is now accepted 'voluntarily'; tax payments will no longer accept cryptocurrency settlements.
Currently, Bitcoin remains an important part of the country’s economic strategy, maintaining a daily purchase policy of 1 BTC.
Iran
Holding quantity: unknown quantity, experts estimate a cumulative holding of 600,000 to 200,000 BTC
Main source: Domestic mining
Strategic direction:
In 2019, the government officially legalized Bitcoin mining and required miners to sell a portion of their 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 it may have accumulated 100,000 to 200,000 BTC.
In December 2024, Iran changed its stance on digital currencies, shifting from imposing restrictions to focusing on regulation. Iran's 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 quantity: approximately 90 BTC
Main source: Seizures in criminal cases, especially from significant drug enforcement actions in 2016
Strategic direction:
Finland once held 1,981 BTC, mainly confiscated by Finnish customs in criminal cases. In 2022, the government decided to donate some of the proceeds from selling 1,890 BTC to Ukraine, using part of the sale proceeds of 'tens of millions of euros' as humanitarian aid.
Since 2018, the Finnish Financial Supervisory Authority (FIN-FSA) has integrated the cryptocurrency industry into the regulatory framework of the (Virtual Currency Provider Law); this law requires all trading platforms, custody institutions, and wallet service providers to register and comply with KYC/AML obligations.
Starting in 2025, Finland will fully implement the EU MiCA regulations, covering stablecoins, DeFi, cryptocurrency asset service providers, and more, further aligning the regulatory framework with the EU.
Georgia
Holding quantity: approximately 66 BTC
Main source: Court litigation
Strategic direction:
In 2022, Georgia passed a new financial regulatory framework, bringing digital asset trading and related businesses into the regulatory purview.
Starting in 2023, Georgia introduced the (Virtual Asset Service Provider (VASP) registration law), requiring cryptocurrency-related companies to register with the national bank and obtain licenses, and comply with the Financial Action Task Force (FATF) anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
Venezuela
Holding quantity: approximately 240 BTC
Main source: Unknown
Strategic direction:
Venezuela was one of the first countries in the world to "incorporate cryptocurrency into the national governance toolbox." In 2018, the government issued a constitutional decree on cryptocurrency assets and related activities, covering mining, trading, custody, platform operations, and asset issuance, and established a dedicated agency, SUNACRIP, for regulation.
In the same year, the national sovereign digital currency Petro (PTR) was launched, claimed to be backed by oil and mineral resources, issued based on the DASH blockchain, but has always lacked transparency and market trust. In 2023, a $3 billion corruption scandal involving SUNACRIP erupted, leading to the 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 for hedging. In December 2024, experts stated that stablecoin transactions currently account for nearly half of Venezuela's total cryptocurrency trading volume.
Ukraine
Holding quantity: approximately 186 BTC
Main source: Global donations during wartime, 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 wartime realities rather than ideological drivers. Faced with blocked traditional financial channels, Ukraine quickly transformed cryptocurrency into cross-border "digital military funding."
In March 2022 alone, Ukraine raised over $100 million in cryptocurrency donations through online platforms, at one point holding as many as 46,351 bitcoins. These funds were rapidly invested in military equipment purchases, humanitarian aid, infrastructure repairs, and wartime logistics.
In May 2025, Ukraine is formulating a legal framework for holding bitcoins in its national reserves, with a special parliamentary committee led by financial officials finalizing the legislative draft.
Germany
Holding quantity: approximately 0 BTC
Main source: Law enforcement seizures from the illegal movie piracy site Movie2k.to, seizing 49,857 bitcoins
Strategic direction:
In January 2024, the German government seized 49,857 bitcoins (BTC) from the illegal movie piracy site Movie2k.to through law enforcement actions. Just six months later, the German government chose to sell this batch of bitcoins.
In 2021, Germany passed a new law allowing about 4,000 existing institutional investment funds to invest in cryptocurrency assets, enabling fund managers to allocate 20% of their funds to crypto assets. In December 2024, Germany fully adopted the EU (Regulation on Markets in Crypto-assets), regulating stablecoins, ICOs, and DeFi, ensuring market transparency and consumer protection.
