As of 2025, governments worldwide hold approximately 463,000 BTC, or 2.3% of Bitcoin's total supply, amounting to tens of billions of dollars. The United States leads by holding nearly 200,000 BTC, largely seized from criminal activities, with a new executive order consolidating these assets under federal control. China follows closely, having confiscated over 190,000 BTC in 2019, but its current strategy remains unclear. Notable non-duopoly accumulators include Bhutan, which used its hydropower resources to mine 12,000-13,000 BTC, representing up to 40% of its GDP. The UK has 61,000 BTC from seizures but faces debates about liquidating or retaining them. Ukraine utilized Bitcoin for fundraising amid the war with Russia but has spent down its holdings. El Salvador, the first nation to declare Bitcoin legal tender, holds over 6,000 BTC, despite recent changes in its legal status. Iran has also quietly accumulated BTC through mining and legal frameworks, using it to bypass sanctions. Countries like the UAE and Bulgaria are shrouded in speculation about their Bitcoin reserves as they navigate their geopolitical contexts.

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