Top Countries with Bitcoin Holdings in 2025
Top Countries Holding the Largest Bitcoin Reserves in 2025
As of 2025, multiple nations have amassed significant Bitcoin reserves through strategic investments, government seizures, mining operations, and economic policies. These holdings emphasize Bitcoin's growing influence in global finance, with some countries leveraging it to strengthen national reserves, drive economic initiatives, or even fund illicit activities. Here’s an in-depth look at the top nations holding the most Bitcoin in 2025:
1. United States
Bitcoin Holdings: 207,189 BTC
Estimated Value: $17.2 billion
How It Acquired Bitcoin: The U.S. government has accumulated Bitcoin primarily through law enforcement seizures, including assets confiscated from the Silk Road marketplace and the 2016 Bitfinex hack. One of the largest seizures occurred in 2023, involving 94,643 BTC from a fraud case.
Strategic Bitcoin Reserve Initiative: The U.S. government has debated whether to sell or hold Bitcoin as part of a national reserve. The idea of a Bitcoin-backed treasury reserve gained traction under President Donald Trump’s administration as a hedge against inflation and a tool to enhance financial sovereignty.
2. China
Bitcoin Holdings: 194,000 BTC
Estimated Value: $16.1 billion
How It Acquired Bitcoin: China’s Bitcoin holdings primarily come from seizures of illegally acquired assets, notably from the 2019 PlusToken Ponzi scheme, which resulted in the confiscation of 194,000 BTC.
Bitcoin’s Role in China: Despite its ban on Bitcoin mining and trading, China continues to hold Bitcoin, likely for strategic financial leverage or as a potential hedge against economic instability.
3. United Kingdom
Bitcoin Holdings: 61,000 BTC
Estimated Value: $5.3 billion
How It Acquired Bitcoin: The UK has accumulated Bitcoin through criminal seizures related to money laundering and other illicit activities.
Future Utilization: British lawmakers are deliberating on whether to hold, liquidate, or integrate Bitcoin into the country’s financial strategy. The Bank of England has also explored its potential role in future economic frameworks.
4. Ukraine
Bitcoin Holdings: 46,351 BTC
Estimated Value: $3.85 billion
Source of Bitcoin: Ukraine has received significant Bitcoin donations from international supporters and organizations as part of war funding efforts.
Impact on Economy: Bitcoin has been used to finance defense operations, emergency aid, and economic recovery, solidifying Ukraine as one of Europe’s most crypto-friendly nations.
5. Bhutan
Bitcoin Holdings: 13,029 BTC
Estimated Value: $1.1 billion
How It Acquired Bitcoin: Bhutan has accumulated Bitcoin through state-backed mining operations, utilizing its vast hydroelectric power resources for efficient mining.
Bitcoin’s Role in Bhutan: The country views Bitcoin mining as an alternative revenue source that complements its hydropower-driven economy.
6. El Salvador
Bitcoin Holdings: 6,089 BTC
Estimated Value: $505 million
Bitcoin as Legal Tender: El Salvador made history by adopting Bitcoin as legal tender in 2021 and has since incorporated it into its economic model.
Policy Shifts: By mid-2025, El Salvador announced that it would stop using public funds to purchase more Bitcoin due to pressure from the International Monetary Fund (IMF) amid ongoing loan negotiations.
7. North Korea
Bitcoin Holdings: 13,518 BTC
Estimated Value: $1.13 billion
How It Acquired Bitcoin: North Korea has accumulated Bitcoin through state-sponsored cyberattacks. The Lazarus Group, linked to the North Korean government, has been responsible for major heists, including the $620 million Ronin Bridge hack and the 2025 Bybit exchange breach.
Utilization: Reports suggest that North Korea uses Bitcoin to circumvent international sanctions and fund its nuclear and missile programs.
8. Finland
Bitcoin Holdings: 1,981 BTC
Estimated Value: $164 million
How It Acquired Bitcoin: Finland’s customs agency has seized Bitcoin through various criminal investigations.
Potential Bitcoin Sale: The Finnish government has considered auctioning its Bitcoin holdings to fund public welfare projects and economic initiatives.
9. Georgia
Bitcoin Holdings: 66 BTC
Estimated Value: $5.5 million
Bitcoin’s Role in Georgia: While Georgia has a booming crypto industry and attracts blockchain companies, its government holds a relatively small Bitcoin reserve.
10. Germany
Bitcoin Holdings: Undisclosed
Crypto Regulations: Germany has stringent cryptocurrency regulations but has not publicly revealed whether it holds Bitcoin reserves. While the country supports blockchain innovation, large-scale Bitcoin acquisitions remain uncertain.
Conclusion
As of 2025, several nations continue to accumulate and manage substantial Bitcoin reserves. The U.S., China, and the UK lead in Bitcoin holdings, while smaller nations like Bhutan and El Salvador have embraced Bitcoin for economic growth and financial policy innovation. Meanwhile, North Korea continues to exploit cryptocurrency through cyberattacks, and Ukraine relies on Bitcoin donations for wartime support.
Bitcoin’s role in national economies is evolving, reflecting both opportunities and risks. While some governments may continue to expand their holdings, others could liquidate assets to strengthen fiat reserves. The Bitcoin landscape in 2025 underscores the growing significance of digital assets in global finance, with nations navigating the complexities of regulation, economic impact, and financial sovereignty.