Which Governments Hold The Most Bitcoin?

Governments worldwide are increasingly holding bitcoin, whether through deliberate strategy or enforcement seizures. Today, some of the biggest national treasuries include hundreds of thousands of coins, worth billions of dollars.

In this infographic, Visual Capitalist’s Marcus Lu visualizes the countries with the most bitcoin as of July 31, 2025.

Data & Discussion

The data for this visualization comes from BitcoinTreasuries.net, which shows how much bitcoin each country has accumulated. Note that this may not be a conclusive list, as some countries may not publicly report their reserves. Values were based on a BTC price of $118,454 USD.

Altogether, these 10 countries control roughly 2.506% of total BTC supply.

U.S. and China Own the Most Bitcoin

The U.S. and China are the two countries with the most bitcoin as of July 31, 2025.

In America, much of this stash comes from high-profile law enforcement seizures, including Silk Road and other dark web marketplaces.

According to Investopedia, the FBI seized over 144,000 BTC from Silk Road in 2013. Its founder, Ross Ulbricht, received a life sentence but was pardoned by President Trump in January 2025.

China is close behind the U.S., holding 190,000 BTC valued at around $22.5 billion. Despite its ban on retail crypto trading, China has retained large reserves from confiscated mining and fraud cases.

Emerging Economies and Strategic Adoption

Ukraine and North Korea both hold significant BTC reserves, reportedly connected to cyber activity and asset seizures. Bhutan also stands out as a surprising player, with more than 11,000 BTC linked to its secretive hydro-powered mining operations.

El Salvador remains the only country to purchase Bitcoin directly as part of its financial strategy, holding 6,257 bitcoins worth over $740 million.

If you enjoyed today’s post, check out the Top Companies by Bitcoin Holdings on Voronoi, the new app from Visual Capitalist.