Nation-States and Bitcoin: A Global Accumulation Race?

Key Takeaways:

• Governments hold substantial amounts of BTC.
• El Salvador and Bhutan are actively managing their BTC holdings for security.
• The US has officially established a Bitcoin Strategic Reserve.
• North Korea's Lazarus Group has been active in liquidating stolen Bitcoin.

Nation-State Bitcoin Holdings: A Snapshot

As of late September 2025, Bitcoin (BTC) is trading around $123,800, solidifying its position as a valuable asset. Several governments have been accumulating BTC, signaling a potential shift in the global economy.

Here's a rundown of the top government Bitcoin holders:

• The United States: ~198,012 BTC ($24.46 billion)
• China: ~190,000 BTC ($23.48 billion) (estimated)
• The United Kingdom: 61,245 BTC ($7.57 billion)
• Ukraine: 46,351 BTC ($5.72 billion) (estimated)
• The UAE: 6,422 BTC ($792.82 million)
• Bhutan: 6,371 BTC ($786.46 billion)
• El Salvador: 6,340 BTC ($783.39 million)
• North Korea (Lazarus Group): 803 BTC ($99.14 million)
• Venezuela: 240 BTC ($30 million) (estimated)
• Finland: 90 BTC ($11 million) (estimated)

Bhutan's Bitcoin Strategy:

Bhutan is actively managing its Bitcoin reserves, potentially to bolster its economy. Recently, the government transferred over 2000 BTC ($248 million) into new wallets, possibly mirroring El Salvador's approach to mitigate quantum computing risks.

Bhutan has also leveraged its BTC holdings to improve civil servant retention, demonstrating a forward-thinking approach to economic development.

El Salvador's Bitcoin Bet:

El Salvador continues its "one BTC every day" policy. The nation recently split its holdings into 15 wallets to decrease potential risk from future quantum computing attacks.

UAE's Bitcoin Mining Venture:

The UAE is accumulating BTC through its government-owned mining firm, Citadel Mining. They’ve periodically increased and sold holdings since 2022.

The United States: A Strategic Reserve:

The U.S. has established a Strategic Bitcoin Reserve. The exact size of US holdings is uncertain, however. The BITCOIN Act could substantially increase these reserves in the coming years.

North Korea's Lazarus Group:

The Lazarus Group has been liquidating stolen Bitcoin, generating significant revenue. Their holdings have decreased substantially since early 2025.

China's Potential Bitcoin Exit:

There are indications that China may have sold its 190,000 BTC stash, potentially impacting the global rankings.

The Future of Bitcoin in Government Hands:

As more nations embrace Bitcoin, its role in the global economy is set to evolve. The creation of Bitcoin strategic reserves might become a trend.