For several years now, without much fanfare, governments have been building up enormous Bitcoin portfolios, often through massive judicial seizures. In 2025, three nations clearly stand out from the crowd, establishing themselves as the largest state holders of BTC. Let’s take a closer look at the numbers, but more importantly, at the surprising strategies behind these reserves.
1. The United States: Bitcoin, the new strategic reserve
The United States comfortably sits in first place, holding a government reserve estimated at between 198,000 and 200,000 bitcoins.
The bulk of these assets does not come from voluntary investment, but from major confiscations:
The emblematic Silk Road affair (2013), which led to the seizure of 174,000 BTC.
The Bitfinex hack, from which the Department of Justice recovered 94,636 BTC.
Until recently, these assets were viewed as mere “confiscated property” intended for sale. But that has changed: a federal decree has just designated them as strategic national assets, placing them on a par with gold reserves. This is a historic first: Bitcoin has officially been granted the status of an instrument of public economic policy.
2. China: A crypto wallet despite the ban
Paradoxically, China, despite its drastic measures (banning crypto mining and trading), ranks second with approximately 190,000 BTC in reserve.
How so? These sums also come mainly from high-profile legal cases, notably the infamous PlusToken scandal (2019). The Chinese government reportedly obtained nearly 194,775 BTC during the dismantling of this massive fraud.
Even though Beijing has already liquidated a portion, a significant portion remains strategically managed by state-owned entities such as the Ministry of Finance.
3. United Kingdom: A significant role in seizures
The United Kingdom ranks third with approximately 61,000 BTC under management.
However, unlike the United States, the United Kingdom does not appear to consider Bitcoin as a permanent strategic reserve. The National Crime Agency (NCA) has a dedicated unit, the Crypto Assets Unit, responsible for storing and then auctioning these assets after a judgment in cases related to fraud and financial crime.
Thus, the British model is more transactional: Bitcoins are intended to be liquidated once legal proceedings are completed.
