Ukraine Goes Full Crypto: Government Partners With Binance to Hoard Bitcoin as War Chest

Kyiv makes its biggest bet yet on digital assets—while Wall Street still debates ETF custody rules.

In a move that would make Satoshi proud (and Jamie Dimon queasy), Ukraine’s Ministry of Digital Transformation just inked a deal with Binance to build a national Bitcoin reserve. No vague ’exploratory committee’ here—just cold, hard UTXOs stacking up while traditional finance plays catch-up.

The strategy? Convert foreign aid and crypto donations into a sovereign BTC vault, bypassing slow-moving SWIFT transfers when bullets fly. Because nothing says ’21st century warfare’ like multisig wallets and lightning nodes.

One hedge fund manager we spoke to muttered: ’Great—now we’ll have to price in geopolitical risk AND volatility risk before morning coffee.’

In brief

• Ukraine holds 46,351 BTC, valued at nearly 4.8 billion dollars.
• A bill creates a crypto reserve, soon to be submitted to parliament.
• Binance supports the project but warns legislation will take time.
• Donations and seizures feed the reserve, symbolizing an innovative economic strategy.

Ukraine: the awakening of a strategic Bitcoin reserve

is among the largest state holders of bitcoin. According to BitcoinTreasuries, its government wallets hold, worth. This reserve mainly comes from massive donations, seizures, and fundraising.

Yaroslav Zhelezniak, deputy and vice-chair of the finance committee at the Rada, confirms that “the bill is in the finalization phase and will soon be submitted to Parliament“. He had already mentioned the idea of a crypto reserve in February 2025 without revealing details.

Furthermore, Binance actively supports this initiative, while emphasizing that “creating such a reserve will require significant legislative changes“. Ukraine is thus positioning itself as, where the creation of a national Bitcoin reserve symbolizes an innovative economic strategy.

The legislative and political stakes of the crypto reserve

The legislative path remains difficult. Although the Rada approved a VIRTUAL assets bill at the end of April,and the National Securities Commission. However, the latter specified it was not responsible for the blockage while proposing 80 amendments to improve the legal framework.

The Ukrainian approach illustrates the political complexity around crypto, balancing innovation desire and institutional caution. Kirill Khomyakov, Binance regional head, insists this initiative should ““.

Thus, adopting a bitcoin reserve is not only an economic issue but also a political battle to structure crypto sector governance in a country in crisis.

Crypto and numbers: increasing interest in the State reserve

Interest in the bitcoin reserve now goes beyond Ukrainian borders. In the United States, Donald TRUMP signed an executive order in March 2025 to establish a federal strategic bitcoin reserve. This reserve will collect BTC seized in judicial cases and explore other acquisitions.

Here are some key figures to remember about Ukraine:

• Ukraine controls around 46,351 BTC, valued at 4.8 billion dollars;
• Since the Russian invasion, pro-Ukrainian crypto donations exceed 212 million dollars;
• A separate fund, launched by the Kuna exchange platform and the Ministry of Digital Transformation, has raised over 100 million dollars.
• 1.2 million dollars in USDT and 6.9 BTC have been seized in corruption cases;
• The Ukrainian Commission submitted 80 amendments to refine the crypto law.

These figures reflect a real interest in state crypto reserves. Furthermore, they testify to themixing finance, politics, and sovereignty.

The idea of a state bitcoin reserve appeals to some countries, but others, like Switzerland or the United Kingdom, remain reluctant. These governments fear the volatility of crypto assets and regulatory risks. They consider this approach immature and possibly disruptive to monetary policy. Furthermore, technological challenges and digital asset security slow their adoption. Thus, the creation of a BTC reserve is not a universally validated concept but an emerging trend mainly driven by countries seeking innovation and economic diversification.

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