How Much Bitcoin Do Governments Hold in 2025?
As of April 2025, governments collectively hold over 463,741 BTC, representing approximately 2.3% of Bitcoin’s total supply. This marks a decrease from 529,591 BTC reported in July 2024, indicating continued government involvement in the crypto space. Some nations, like El Salvador and Bhutan, have actively increased their holdings, while others, such as the United States of America and Germany, have liquidated their reserves.
How Are Government Bitcoin Holdings Changing Over Time?
Governments have been involved with Bitcoin for years, with holdings coming primarily from seizures, donations, active purchases, and mining operations. This section tracks the changes in their reserves between January 2023 and April 2025:
United States (US)
The U.S. government remains the largest Bitcoin holder, with approximately 198,012 BTC (~$18.3 billion as of April 2025). However, this marks a slight decrease from July 2024, as the government liquidated portions of its holdings. A significant development was President Donald Trump’s executive order in March 2025 to create a “Digital Fort Knox”—a strategic cryptocurrency reserve consolidating Bitcoin from asset forfeitures.
China
Despite its ban on crypto trading and mining, China remains the second-largest governmental Bitcoin holder, now at 194,000 BTC (~$17.6 billion). Most of these assets originate from the 2019 PlusToken Ponzi scheme. While China has not liquidated these holdings, the government remains tight-lipped on future plans.
United Kingdom (UK)
The UK holds 61,000 BTC (~$5.6 billion), all acquired through crime-related seizures. The government has yet to decide whether to sell these holdings or use them for public finance needs, as suggested in recent policy discussions.
Bhutan
Bhutan has quietly amassed 8,594 BTC (~$795.4 million), entirely through sustainable Bitcoin mining powered by hydroelectric energy. The nation continues to expand its mining operations, making it a rare example of a government accumulating Bitcoin via direct mining rather than seizure or purchase.
El Salvador
El Salvador has steadily increased its Bitcoin reserves to 6,135 BTC (~$567.8 million). The country continues to purchase 1 BTC daily, as part of President Nayib Bukele’s long-term strategy to integrate Bitcoin into the national economy.
Ukraine
Bitcoin donations to Ukraine have surged since 2024 to a total of 256 BTC (~$21.3 million). These funds have been completely liquidated and used for military and humanitarian efforts amid the ongoing conflict.
Germany
Germany liquidated its entire 46,359 BTC (~$3.9B) holdings in mid-2024, causing a 15.7% drop in Bitcoin’s price. This case illustrates how government sales can significantly impact crypto markets.
How Do Governments Obtain Bitcoin?
Seized Assets
The U.S., China, and the U.K. have obtained Bitcoin through law enforcement actions against cybercrime and fraud. The U.S. holds 198,012 BTC, largely from the Silk Road and Bitfinex hacks. China’s 190,000 BTC comes from the PlusToken Ponzi scheme, while the U.K. seized 61,000 BTC from money laundering cases.
Active Purchases
El Salvador is the only country actively buying Bitcoin, acquiring 1 BTC per day since November 2022. The country currently holds 6,135 BTC as part of its national financial strategy, viewing Bitcoin as a long-term reserve asset.
Mining
Bhutan uses hydro-powered mining operations to accumulate Bitcoin, leveraging its vast renewable energy resources. This mining initiative provides a unique method for government-led BTC accumulation without direct market purchases.
Donations
Ukraine has received over 256 BTC in donations from international supporters to fund military and humanitarian efforts. Most of these funds are quickly liquidated to cover urgent expenses, with only a small balance remaining in government wallets.
Why Do Governments Sell Bitcoin?
Not all governments choose to hold Bitcoin long-term—some opt to liquidate their holdings for various reasons.
Budget Constraints
Countries facing financial shortfalls, like Germany, have sold Bitcoin to cover budget deficits. In mid-2024, Germany liquidated 46,359 BTC, contributing to a market downturn.
Market Timing
Governments may strategically sell Bitcoin when prices are high to maximize returns. These sales can generate significant revenue, though they also risk impacting market stability.
Legal Obligations
Seized Bitcoin is often subject to mandatory liquidation. The U.S., for example, regularly auctions off confiscated BTC, as national laws require the conversion of seized assets into fiat currency.
Governments With Bitcoin Holdings
The top five governments with significant Bitcoin holdings are:
| Government | Bitcoin Held / BTC | USD Value |
|---|---|---|
| United States | 198,012 | $18.3B |
| China | 190,000 | $17.6B |
| United Kingdom | 61,000 | $5.6B |
| Bhutan | 8,594 | $795.3M |
| El Salvador | 6,135 | $567.8M |
Methodology
This study examined data on the top government Bitcoin holdings as of April 24, 2025, from ArkhamIntelligence.com, Bitcointreasuries.net and Blockchair.com. The top five governments holding Bitcoin are the United States, China, the United Kingdom, Germany, El Salvador, and Bhutan. Holdings in US Dollars (USD) were calculated using the price of Bitcoin at $92,543.76.
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Curious to find out more about our previous research studies & statistics? Check out this one we did on the Largest Centralized Exchanges since 2020.
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