Countries with Significant Bitcoin Holdings (Outside the U.S. & China)
While the U.S. (~207,000 BTC) and China (~194,000 BTC) are known to be the largest government holders of Bitcoin, several other nations also maintain notable reserves—often through less conventional means.
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🇬🇧 United Kingdom
Holdings: ~61,000 BTC
How: Primarily acquired through law enforcement seizures tied to fraud, cybercrime, and money laundering.
Note: One of the top national Bitcoin holders globally.
🇺🇦 Ukraine
Holdings: ~46,300 BTC
How: Accumulated through crypto donations and the confiscation of illicit funds.
Use Case: Supports defense and humanitarian needs.
🇧🇹 Bhutan
Holdings: ~13,000 BTC (worth ~$1.2–1.3 billion)
How: Mined by the government using sustainable hydropower.
Significance: One of the few nations actively mining BTC as a national policy.
🇸🇻 El Salvador
Holdings: ~6,000 BTC
How: Direct government purchases as part of Bitcoin’s adoption as legal tender.
Strategy: Continues accumulating BTC as part of national fiscal policy.
🇫🇮 Finland
Holdings: ~1,900–2,000 BTC
How: Seized from criminal operations (e.g., drug trafficking, cybercrime).
Disposition: Typically sold through public auctions to fund government programs.
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🧭 Other Noteworthy Nations
Country Approx. BTC Held Acquisition Method
Georgia ~66 BTC Small seizures under a cautious regulatory stance
Venezuela ~240 BTC Alleged state-held reserves; details unclear
North Korea ~800–1,900 BTC Believed to be held by the state-sponsored Lazarus Group via major crypto hacks
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📌 Key Insights
These reserves—though smaller than those of the U.S. and China—reflect a wide range of national approaches:
Innovation-led mining (e.g. Bhutan)
Policy-driven accumulation (e.g. El Salvador)
Crisis fundraising (e.g. Ukraine)
Law enforcement seizures (e.g. UK, Finland)
Together, they highlight a growing trend: more governments are entering the crypto space, either intentionally or through enforcement, signaling broader adoption of Bitcoin as a sovereign asset.