Global Crypto Power Plays: Which Governments Are Hoarding the Most Bitcoin?

Amid chatter about the U.S. potentially establishing a strategic bitcoin reserve, conversations are buzzing about which governments already stockpile the largest bitcoin stashes. Here’s a comprehensive look into the top five governments with the heftiest bitcoin holdings as of Dec. 2024.

Inside the Secret Bitcoin Vaults of Governments: U.S., China, and Beyond

Many people might be surprised to learn that several countries hold significant bitcoin reserves, much of which stem from criminal seizures and asset forfeitures. Some nations, however, have taken a different route, actively buying bitcoin for their treasuries or mining it themselves.

U.S. = 199,172 Bitcoins

Currently, the United States leads the pack, holding 199,172 BTC, according to onchain data from timechainindex.com. Arkham Intelligence estimates the figure to be slightly lower, at 198,109 BTC. Either way, as of Dec. 8, 2024, the U.S. government’s bitcoin stash is worth close to $20 billion at today’s exchange rates. The funds were confiscated through a mix of criminal cases tied to the infamous 2016 Bitfinex hack, the Silk Road darknet marketplace, and several other asset forfeitures.

China = 194,775 BTC

Sources have suggested that China’s bitcoin holdings are slightly behind those of the U.S. It’s believed that authorities confiscated 194,775 BTC from criminals tied to the Plustoken Ponzi scheme. As of today, that haul is valued at roughly $19.4 billion, based on current BTC exchange rates. While platforms like Arkham and Timechainindex provide onchain data for most government wallets, no such records exist for China’s stash. This leaves us relying on reports from Nov. 2020, when Chinese police revealed they had seized 194,775 BTC from the Plustoken fraudsters.

It’s worth mentioning that China’s entry inclusion is unique, as its holdings aren’t backed by onchain data. There’s also been speculation that the Chinese government may have sold the Plustoken bitcoins. While neither the holdings nor the rumored sale can be confirmed onchain, the holdings rumor is considered widely accepted and often referenced in research.

U.K. = 61,245 BTC

The United Kingdom’s government has also built up a bitcoin stash, thanks to one specific criminal case. Currently, it holds 61,245 BTC, valued at $6.11 billion. The bitcoins were seized from Zhimin Qian, a Chinese national involved in a massive fraud and money laundering operation. Between 2014 and 2017, Qian swindled roughly 130,000 Chinese investors out of $5.6 billion. In 2021, U.K. authorities discovered and confiscated 61,245 BTC hidden in electronic devices during the investigation. This marked the largest bitcoin money laundering bust in U.K. history and to date, the government has held the coins for about 3.5 years.

The top five countries with the most bitcoin include the U.S., China, the U.K., the Royal Government of Bhutan, and El Salvador.

Bhutan = 12,211 BTC

The Royal Government of Bhutan, through its investment arm Druk Holdings, holds an impressive 12,211 BTC valued at $1.2 billion based on current exchange rates. Unlike other nations, Bhutan didn’t seize its bitcoin; instead, it actively mines the digital asset. The mining operations, spearheaded by Druk Holding and Investments (DHI), align with Bhutan’s goal of diversifying its economy and advancing its digital transformation efforts. Nestled in the eastern Himalayas, this South Asian country also owns 656,039 ETH, currently valued at $2.6 million.

El Salvador = 5,958 BTC

On Sept. 7, 2021, El Salvador made history as the first country to adopt bitcoin (BTC) as legal tender. The move aimed to boost financial inclusion, slash remittance costs, and draw investment from the global crypto community. As part of its strategy, the Salvadoran government has been steadily adding to its bitcoin holdings, reportedly purchasing one BTC every day since Nov. 2022. Today, El Salvador’s bitcoin stash of 5,958 BTC is valued at $594 million based on current exchange rates.

Do They Even Realize What They’re Holding? Some Nations Do Alongside Private Companies

As discussions around bitcoin strategic reserves gain traction worldwide, the idea is catching the attention of politicians. However, apart from El Salvador and Bhutan, no other countries have publicly expressed interest in maintaining their own crypto reserves. Recently, the U.S. government moved nearly 20,000 BTC, sending part of the stash to Coinbase. Germany, sold close to 50,000 BTC this year without flinching. It’s also worth noting that while these five governments hold significant amounts of bitcoin, private companies and exchange-traded funds (ETFs) control even larger reserves.

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