The great reveal of Bitcoin reserves in China and the United States, Bhutan becomes the latest dark horse by relying on "BTC Mining".

In today's world where digital assets are increasingly becoming strategic assets globally, the amount of Bitcoin held by various governments has also become an important indicator of their attitude toward Crypto Assets. According to data, as of 2025, the United States, China, the United Kingdom, Ukraine, and Bhutan are the five countries with the most government-held Bitcoin. Most of these countries' Bitcoin holdings are assets seized through cybercrime cases, but Bhutan is an exception; its Bitcoin has been accumulated through Mining powered by clean energy, providing a unique model for the world.

1. The Five Countries Holding Bitcoin by the Government

United States: Holds about 207,000 Bitcoins (worth about 24 billion USD), accounting for approximately 0.99% of the global Bitcoin supply. These assets primarily come from major cybercrime cases such as Silk Road, CEX hacking incidents, and money laundering, where Bitcoins were seized. The U.S. government stores the seized Bitcoins in its digital vault, with some being auctioned periodically.

China: Ranking second, holding approximately 194,000 BTC (worth about $23 billion), mainly seized from one of the largest encryption scams in history, the PlusToken scam, in 2019. Despite China's strict crackdown on crypto assets, these seized assets remain under state control.

United Kingdom: Ranked third, holding approximately 61,000 Bitcoins, worth 7.3 billion dollars. These Bitcoins come from various cyber crimes and money laundering cases.

Ukraine: Holds approximately 46,351 Bitcoins, worth about 5.6 billion USD. These funds are primarily donated by international supporters for aiding Ukraine during the ongoing Russia-Ukraine conflict, covering humanitarian assistance and defense needs.

Bhutan: The most surprising entry on the list is Bhutan, ranked fifth. The country holds about 12,000 to 13,000 Bitcoins (BTC), worth approximately 1.1 billion to 1.4 billion dollars. Unlike other countries, Bhutan has not acquired Bitcoin through asset seizures but has invested in hydropower mining through its state-owned fund Druk Holding & Investments. This quiet operation began in 2021 and was only disclosed recently through international media reports.

II. The Trend of Bitcoin as a Strategic Asset

Analysts believe that the trend of governments holding Bitcoin is on the rise, indicating that Bitcoin is gradually becoming a "strategic asset" in the global financial transformation. Currently, the world is facing challenges such as high interest rates, political uncertainty, and currency volatility. The role of governments in holding Crypto Assets is becoming increasingly significant, drawing market attention and reflecting Bitcoin's new status in the global economy as it transitions from an alternative asset to a global strategic asset.

Conclusion:

The holdings of Bitcoin by governments around the world not only reflect their attitudes towards Crypto Assets, but also reveal the growing strategic position of Bitcoin in the global financial landscape. From the United States and China accumulating Bitcoin through law enforcement actions, to Bhutan utilizing clean energy for Mining, these different approaches point to a common trend: Bitcoin is transforming from a niche digital asset into an important strategic reserve for governments in an uncertain era.