## Which Governments Hold the Most Bitcoin in 2025?

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, we visualize the countries with the most Bitcoin as of July 31, 2025, based on data from [BitcoinTreasuries.net](https://bitcointreasuries.net/). 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**.

### Key Takeaways
- The **U.S.** is the largest government holder of Bitcoin, followed closely by **China**.
- Government holdings of BTC are largely derived from **law enforcement seizures** or **strategic mining initiatives**.

### Data & Discussion
Here's a breakdown of the top governments by Bitcoin holdings:

| Government | Bitcoins | Value (USD) | Share of Total BTC Supply |
|------------|----------|-------------|----------------------------|
| 🇺🇸 U.S. | 198,022 | $23,456,497,988 | 0.943% |
| 🇨🇳 China | 190,000 | $22,506,260,000 | 0.905% |
| 🇬🇧 UK | 61,245 | $7,254,715,230 | 0.292% |
| 🇺🇦 Ukraine | 46,351 | $5,490,461,354 | 0.221% |
| 🇰🇵 North Korea | 13,562 | $1,606,473,148 | 0.065% |
| 🇧🇹 Bhutan | 11,286 | $1,336,871,844 | 0.050% |
| 🇸🇻 El Salvador | 6,257 | $741,166,678 | 0.030% |
| 🇻🇪 Venezuela | 240 | $28,428,960 | 0.001% |
| 🇫🇮 Finland | 90 | $10,660,860 | 0.000% |

Altogether, these 10 countries control roughly **2.506%** of the 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.

For more insights, check out related visualizations on the Voronoi app.

We break down the top 10 countries with the most Bitcoin in 2025, revealing the massive scale of U.S. and China's lead.

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