Top Government Bitcoin Holders: BTC Above $122k Sends Portfolios to New Highs
- The U.S. government holds $24.27 billion in Bitcoin, now the backbone of its Strategic Bitcoin Reserve.
- North Korea’s Lazarus group has sold over $1.4 billion worth of Bitcoin since March 2025.
- Bhutan is tapping hydropower resources to fuel its Bitcoin mining efforts.
- Over 527,000 BTC is confirmed to be held in global government reserves.
Despite its notorious volatility, Bitcoin (BTC) has become a favored store of value.
With governments now holding billions in BTC, China potentially selling its holdings, and the U.S. establishing a Bitcoin Strategic Reserve, Bitcoin’s role in the global economy is evolving.
Bitcoin-Holding Countries
Bitcoin was trading above $122,000 as of July 14, 2025.
A list of the top Bitcoin-holding governments in 2025, per data gathered from Arkham Intelligence and Bitcoin Treasuries:
| Country | Amount (Bitcoin/USD) |
|---|---|
| The UAE | 420,000 BTC / $51.4 billion (rumored) |
| The United States | 198,012 BTC / $24.26 billion |
| China | 190,000 BTC / $23.29 billion (estimated) |
| The United Kingdom | 61,245 BTC / $7.5 billion |
| Ukraine | 46,351 BTC / $5.68 billion (estimated) |
| Bhutan | 11,411 BTC / $1.4 billion |
| El Salvador | 6,237 BTC / $764 million |
| North Korea (Lazarus Group) | 804 BTC / $98.57 million |
| Venezuela | 240 BTC / $26 million (estimated) |
| Finland | 90 BTC / $10 million (estimated) |
Bhutan BTC Boost
As per Arkham data , Bhutan has made some significant deposits/sales via the Binance crypto exchange, amounting to $59.4 million in the past week. It now holds 11,411 BTC, worth a total of $1.4 billion.
It comes after Bhutan had replenished small portions of its stash thanks to its hydro-powered BTC mining efforts.
Previously, the Royal Government of Bhutan was transferring sizable portions to unmarked wallets, and recently sold 406 BTC to digital asset trading firm QCP Capital.
Other reports reveal that over the past two years, Bhutan has leveraged its BTC holdings to double the salary of civil service employees to retain skilled workers. This reduced the number of workers quitting from 1,900 in 2023 to just 500 in 2024.
Signaling the beginning of the nation’s proactive BTC push, Bhutan’s Prime Minister, Tshering Tobgay, also explained to Al Jazeera that the country’s decision to tap its abundant hydropower energy to fuel Bitcoin mining efforts will make “tremendous sense.”
Presumably, Bhutan is looking to bootstrap its economy with BTC, which has served its civil servants well.
North Korea (Lazarus Group)
North Korea’s state-sponsored Lazarus Group has cemented the nation’s status as one of the world’s largest Bitcoin holders following its $1.5 billion Bybit heist.
Beginning March with just over 14,000 BTC , the group has offloaded around 13,200 BTC over the past 4 months, pulling in at least $1.4 billion in proceeds.
They have since ceased their sales, and now command 804.891 BTC worth $98.57 million after years of orchestrating some of the most notorious crypto breaches.
Lazarus’ latest attack, the February 2025 Bybit hack, is history’s most significant crypto theft. The group reportedly stole and laundered $1.4 billion from the exchange.
These holdings, presumed to be controlled by the North Korean government, now exceed the Bitcoin reserves of El Salvador and Bhutan, further underscoring Pyongyang’s reliance on crypto-related cybercrime.
El Salvador
El Salvador has returned to its “one BTC every day” policy after briefly ramping up the size of its acquisitions.
Now, the nation holds 6,237.18 BTC worth $764.61 million .
El Salvador could soon be required to roll back much of its Bitcoin policy and infrastructure as part of a $1.4 billion loan deal with the International Monetary Fund (IMF).
This includes ending its taxpayer-funded “1 BTC every day” investment strategy by July 2025. However, this is yet to come to fruition.
Toward the end of February 2025 and the beginning of March, the nation briefly accelerated its efforts, amassing 40 BTC over 30 days, perhaps to get ahead of the July deadline.
China Bitcoin Liquidations
If confirmed, China may have offloaded its 190000 BTC stash seized from the 2019 PlusToken scam, dropping it entirely from the global rankings.
On-chain analysis revealed that these tokens were sent to crypto mixers before being sent to centralized exchange addresses, suggesting that a sale has taken place.
It is unknown if this gigantic haul of BTC has been offloaded.
UAE, U.S., and Others
The United Arab Emirates (UAE) is rumored to have more than double the holdings of the U.S., following multiple reports claiming it had amassed an absurd 420,000 BTC.
Former Binance CEO Changpeng Zhao, now based in the UAE, added credibility to these claims by sharing them on social media , though the figures remain unconfirmed.
Meanwhile, the United States has formally established a Strategic Bitcoin Reserve, marking a significant step in President Donald Trump’s pro-crypto agenda.
The reserve could expand significantly under the BITCOIN Act, which proposes acquiring up to 200,000 BTC annually over five years.
The U.S.’s move to establish a Bitcoin Strategic Reserve may inspire smaller nations to follow suit, especially as countries like Russia have approved Bitcoin mining, signaling a global race to secure Bitcoin or its infrastructure.
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