Bitcoin Powerhouses: The Countries Dominating Crypto Holdings in 2025

The global Bitcoin arms race heats up as nations stack sats like never before. Here’s who’s winning—and why it matters.

### The New Gold Standard

Forget Fort Knox. Sovereign wealth funds and central banks now treat BTC like a strategic reserve asset—with some nations going all-in.

### Regulatory Havens Take the Lead

Light-touch jurisdictions attract crypto whales like moths to a DeFi flame. Tax incentives? Check. Friendly legislation? Double-check.

### The Institutional Floodgates Open

Wall Street’s late arrival to the party didn’t stop pension funds and ETFs from turning Bitcoin into a $2 trillion asset class. Thanks for the liquidity, boomers.

### A Cynic’s Footnote

Of course, half these ‘holdings’ are probably lost in hardware wallets forgotten by Lambo-drinking early adopters. The blockchain remembers what humans don’t.

Which Are The Leading Bitcoin-Holding Countries?

The United States and China dominate the list of Bitcoin-holding countries, amassing significant reserves through distinct approaches. The U.S. has already acquired almost 200,000 BTC a worth $18-$22 billion, mostly as a result of taking down unlawful operations like the apprehension of the Silk Road. In March 2025, President Trump’s executive order established a Strategic bitcoin Reserve, signaling a shift from auctioning seized assets to treating Bitcoin as a geopolitical tool.

With more than 190,000 BTC of the PlusToken scam seized and confiscated in 2019, China is less transparent, with rumors saying that the coins are still stored in cold wallets. These two are the pioneers of the Bitcoin-holding countries, but not only they, others are also emerging with innovative strategies.

Why Is Bhutan a Hidden Powerhouse Among Bitcoin-Holding Countries?

Bhutan, a little Himalayan kingdom, has emerged to be a surprising leader among the Bitcoin-holding countries, with its rich hydropower, utilizing 12,000-13,000 BTC, worth $1.1-1.3 billion. This represents 30–40% of its $3 billion GDP, a staggering proportion unmatched globally.

The United Kingdom has quietly joined the ranks of Bitcoin-holding countries with 61,000 BTC, worth approximately £5 billion, seized in a 2021 money laundering investigation. However, contrasting the conventional methods of seizing crypto, the Crown Prosecution Service might be willing to keep the assets and end up having a surprise sovereign reserve. 

However, debates over volatility and policy consistency persist with no formal ruling on the creation of a strategic reserve.The UK’s significant holdings place it among elite Bitcoin-holding countries triggering the debate of its territorial role in crypto geopolitics.

Ukraine has already received donations worth more than $70 million in BTC and quickly utilized that capital to afford military and humanitarian activities ever since the 2022 Russian invasion. As of the middle of 2025, it had only 186 BTC left, which demonstrates its practical attitude toward spending more than holding.

Unlike other Bitcoin-holding countries focused on reserve-building, Ukraine’s strategy highlights Bitcoin’s utility as a borderless, real-time financial tool in times of crisis.

The emergence of Bitcoin-holding countries marks a pivotal moment in digital finance, with nations like the U.S., China, Bhutan, and Ukraine leading diverse strategies for accumulation. From seizures to fundraising, these countries demonstrate the versatility of this asset.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

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