Which countries, besides the United States, secretly own the most Bitcoin?

In the world of Crypto Assets, Bitcoin is not only digital gold but is gradually becoming an important component of strategic asset allocation for governments around the world. According to publicly available Blockchain data and legal disclosures, governments around the world currently hold approximately 463,000 BTC, accounting for about 2.3% of the total Bitcoin supply. While this may sound like a small proportion, it amounts to hundreds of billions of dollars in Bitcoin sovereign wealth, making Bitcoin play an increasingly significant role in national asset strategies and national-level accumulation.

Despite the United States dominating the headlines, their stories are widely reported and often analyzed by analysts and regulators. However, little is known about the phenomenon of countries quietly hoarding Bitcoin outside of this dual monopoly. From monarchies in the Himalayas to debt-ridden democracies, a group of emerging nations is quietly reshaping the global landscape of Bitcoin ownership.

Bitcoin Reserves in the United States

United States: Seizures and Strategic Reserves The U.S. government is undoubtedly the leader among national governments holding Bitcoin. Through a series of high-profile seizure operations—from the Silk Road marketplace to dark web operations and ransomware crackdowns—the U.S. government has accumulated nearly 200,000 Bitcoins. As of early 2025, the estimated value of these Bitcoins ranges from $18 billion to $22 billion. Notably, President Donald Trump signed an executive order in March 2025 to formally establish a strategic Bitcoin reserve, bringing all seized Bitcoins under the control of the federal government, marking a new geopolitical mindset.

Emerging players quietly accumulating Bitcoin

Apart from the United States, some countries are accumulating Bitcoin in a low-key but effective manner:

Bhutan: The Energy Storage of Hydropower Bhutan is located deep in the Himalayas and has quietly been building one of the largest national Bitcoin reserves in the world. Since 2019, Bhutan's sovereign investment fund Druk Holding & Investments (DHI) has been utilizing the country’s abundant hydropower capacity for Bitcoin mining. It is estimated that by 2025, Bhutan will mine between 12,000 to 13,000 Bitcoins, valued at between 1.1 billion to 1.3 billion dollars. For a country with a GDP slightly above 3 billion dollars, this figure is astonishing. The Bitcoin held by the Bhutanese government currently accounts for 30% to 40% of its national economy, higher than in other countries.

United Kingdom: Seizures and Strategic Decisions In 2021, UK authorities seized approximately 61,000 Bitcoins during a money laundering investigation. The debate over how to handle this unexpected windfall is ongoing. The Crown Prosecution Service (CPS) has proposed to retain these Bitcoins instead of liquidating them, which could result in the UK becoming one of the most surprising sovereign holders of Bitcoin globally. Whether the UK becomes a long-term custodian of Bitcoin or sells off its reserves, it has already become an important stakeholder.

Ukraine: Digital War Fund Since the outbreak of war with Russia in 2022, Ukraine has become one of the first countries to adopt Bitcoin, using cryptocurrency as a large-scale, borderless defense fundraising tool. In the first year of the conflict, Ukraine received over 70 million dollars in Bitcoin donations from around the world. By mid-2025, the amount of Bitcoin held by the government had dropped to about 186 BTC, indicating that these Bitcoins were not being hoarded but rather quickly consumed as immediate wartime capital.

El Salvador: A Bold Experiment with Fiat Currency In 2021, El Salvador became the first country to announce Bitcoin as legal tender. As of January 2025, the government has accumulated over 6,000 BTC, a number that keeps it among the top holders of Bitcoin by country in 2025. Despite pressure from the International Monetary Fund (IMF) to abolish Bitcoin's legal tender status, the government's Bitcoin wallet remains active, and daily purchases continue.

Iran: Quietly Converting Bitcoin into National Reserves Iran rarely appears on the list of countries with the most Bitcoin holdings, but its influence is quietly growing through a model of acquiring reserves via legal mining. Since 2019, Iran has regarded Bitcoin mining as a state-regulated industry. Any licensed miner must sell the mined Bitcoin directly to the central bank, thus converting cheap, often subsidized electricity into a channel for accumulating Bitcoin holdings supported by the state. Although there are no exact figures, it is estimated that Iran's mining activities once accounted for 4%-7% of the global hash rate.

Emerging Players: Hidden Bitcoin Holders

Not all governments will publicly disclose their encryption asset strategies. Some governments accumulate silently, while others become the subject of speculation.

United Arab Emirates (UAE): For many years, there have been rumors in the cryptocurrency community that the UAE may control as many as 420,000 Bitcoins – if this number is true, the UAE would be far ahead of other countries, becoming the largest state-supported holder of Bitcoin in the world. However, this remains one of the most controversial cases of secret Bitcoin holdings by various countries, lacking official confirmation.

Bulgaria: In 2017, Bulgarian authorities seized over 200,000 Bitcoins during a raid on a cybercrime network. However, as time passed, the truth became increasingly murky, and official statements contradicted each other.

Other smaller participants: Countries such as Finland (about 90 BTC), Georgia (about 66 BTC), and Venezuela (about 240 BTC) have also recorded national Bitcoin reserves, although the amounts are not large and are usually the result of legal seizures rather than strategic policy.

Why is quietly accumulating Bitcoin important?

You can enter the Bitcoin game without releasing a press release. Some governments loudly announce their intentions. Other governments quietly mine, discreetly regulate, or indirectly increase their holdings of Bitcoin. The motivations vary, but the patterns are becoming increasingly similar: the phenomenon of countries quietly accumulating Bitcoin is intensifying.

For some, this is a form of strategy diversification. Bitcoin is like digital gold – scarce, borderless, and not affected by central bank policies. It is particularly attractive for those looking to hedge against inflation or reduce the dollarization of reserves.

This quiet move is not without its challenges. Market volatility remains high, transparency is low, and geopolitical pressures may force some countries to reconsider or hide their strategies. Nevertheless, countries holding Bitcoin are no longer outliers. Whether their accumulation is public or hidden, they are shaping a new level of global economic strategy. Ultimately, all of this is part of the same emerging reality: Bitcoin is now a national tool.

In addition to the United States being the largest holder of Bitcoin, countries such as Bhutan, the United Kingdom, Ukraine, El Salvador, and Iran are accumulating Bitcoin in their own unique ways, while there are numerous unverified rumors in countries like the UAE and Bulgaria. These silent accumulation activities reflect the increasing importance of Bitcoin as a strategic asset globally, and also indicate that Bitcoin's role in national wealth management and geopolitics will become increasingly critical.