Continuing with our largest Bitcoin holders series, we are now looking at the top six countries that are the biggest holders of this cryptocurrency including the first country which adopted a digital asset as their legal tender - El Salvador, after covering individual holders, ETFs and private and public companies.
The list has some surprising entries, like lesser-known nations ike Bhutan which has emerged a top Bitcoin holding country in recent years. So let’s take a look at them but before that understand what digital asset holding means for countries and how it helps the economy.
Countries batting for the future of finance?
As digital transformation is driving the world, sovereign nations are veering towards Bitcoin adoption more, as they see it as a strategic move to help their economy, as seen in the growing momentum towards establishing a US Bitcoin Reserve in 2025. Recent data reveals surprising shifts in national Bitcoin holdings, with traditional economic powerhouses and smaller nations alike building significant reserves.
National Bitcoin holdings represent more than just digital assets on a balance sheet—they signify a fundamental shift in how countries approach monetary sovereignty and economic strategy. According to Marcus Thielen, Head of Research at Matrixport, "Countries holding Bitcoin are essentially hedging against global economic uncertainties while positioning themselves for the future of finance."
Bitcoin holdings can significantly impact a nation's economy through multiple channels. They serve as a hedge against inflation, provide leverage in international trade negotiations, and potentially attract technological innovation and investment. Dr. Sarah Matthews, economist at the London School of Economics, notes, "Countries with substantial Bitcoin reserves are better positioned to weather economic storms and capitalize on the growing digital economy."
Data-Driven Analysis of Global Bitcoin Holdings
Recent analysis from Bitcoin Treasuries and Chainalysis reveals that national Bitcoin holdings have grown by 127% since 2022, with six countries now holding more than 527,511 BTC collectively, valued at approximately $51.7 billion.
United States: 207,189 BTC ($20.2 billion)
The United States maintains its position as the world's largest Bitcoin holder among nation-states. This substantial holding, primarily accumulated through law enforcement seizures, represents a strategic advantage in the digital asset space. "The U.S. government's Bitcoin holdings could become a crucial component of national monetary policy in the coming decades," says Michael Saylor, CEO of MicroStrategy.
China: 194,000 BTC ($19 billion)
Despite its crypto ban, China holds a significant Bitcoin reserve, primarily from the PlusToken scheme seizure. Bloomberg analyst Mike McGlone observes, "China's substantial Bitcoin holdings create an interesting dynamic—they're essentially invested in an asset class they've officially banned, which could influence future policy decisions."
United Kingdom: 61,000 BTC ($6 billion)
The UK's position as the third-largest Bitcoin holder stems largely from law enforcement actions. Recent confiscations from individuals Jian Wen and Zhimin Qian contributed significantly to these holdings, demonstrating the country's active role in cryptocurrency regulation and enforcement.
Ukraine: 46,351 BTC ($4.5 billion)
Ukraine's holdings include significant seizures from former government officials, highlighting the role of digital assets in anti-corruption efforts. The country's Bitcoin reserves have become particularly relevant in light of recent geopolitical challenges.
Bhutan: 13,029 BTC ($1.2 billion)
Perhaps the most fascinating case study in national Bitcoin holdings, Bhutan has leveraged its abundant hydroelectric power for Bitcoin mining. These holdings now represent 44% of its 2023 GDP, showcasing how smaller nations can use Bitcoin to punch above their economic weight.
El Salvador: 5,942 BTC ($397 million)
As the first country to adopt Bitcoin as legal tender, El Salvador's strategy has proven profitable with over 40% returns on investment. The country's innovative citizenship-for-Bitcoin program has contributed significantly to its accumulation strategy.
The landscape of national Bitcoin holdings continues to evolve, reflecting broader changes in the global financial system. As Jake Chervinsky, Chief Legal Officer at Compound Labs, concludes, "We're witnessing the early stages of a fundamental restructuring of the international monetary system, where Bitcoin plays an increasingly central role in national economic strategies."