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.
A list of the top Bitcoin-holding governments in 2025, per data gathered from Arkham Intelligence and Bitcoin Treasuries:
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.
Now, they hold just 804 BTC worth $205.29 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.
Bhutan BTC Boost
As per Bitcoin Treasuries, Bhutan suddenly increased its holdings by 4,576 BTC on May 5, 2025. Since then, it has offloaded a couple of hundred BTC and replenished its stock through mining efforts. Now, it commands 12,062 BTC worth roughly $1.28 billion.
It’s unclear where these fresh tokens came from. However, the nation’s BTC mining efforts are presumed to have contributed to this increase.
This figure has since dropped to 11,924 as of July 2, 2025, with Arkham Intelligence revealing movement between Bhutan and a Binance hot wallet.
According to data from Arkham, 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.
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 6,230 BTC worth $678.63 million . Purchased at an average price of $48,337.27 per BTC, its portfolio carries an unrealized profit of $194.85 million.
El Salvador will 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.
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.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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