The 10 Countries with the Most Bitcoin in 2025: Who’s Leading the Crypto Race?
As Bitcoin continues to gain legitimacy as a store of value and a hedge against inflation, countries around the world are accumulating it—some openly, others more discreetly. Whether through government seizures, mining operations, or strategic investments, these nations are shaping the future of digital finance. In this article, we explore the top 10 countries with the most Bitcoin holdings in 2025, how they acquired it, and what it means for global economics and sovereignty.
🇺🇸 1. United States – 207,189 BTC (~$17.2 Billion)
The U.S. government holds the largest known Bitcoin reserves in the world. These holdings are primarily the result of law enforcement seizures from criminal enterprises such as Silk Road, ransomware operations, and dark web markets. The Department of Justice has auctioned off some of these assets in the past, but a significant portion remains in federal custody.
Why it matters: The U.S. is not just a regulatory force in crypto—it’s also a major holder. This gives Washington strategic leverage in the digital asset space.
🇨🇳 2. China – 194,000 BTC (~$16.1 Billion)
Despite banning crypto trading and mining, China holds a massive amount of Bitcoin. Most of it was seized from the PlusToken Ponzi scheme, one of the largest crypto frauds in history. While the government has not publicly disclosed its intentions, these holdings remain under state control.
Why it matters: China’s Bitcoin stash is a paradox—held by a government that officially opposes crypto. It underscores the complex relationship between authoritarian control and decentralized assets.
🇩🇪 3. Germany – 50,000+ BTC (~$4.2 Billion)
Germany’s Bitcoin holdings come largely from law enforcement seizures, particularly from darknet marketplaces and cybercrime operations. The country has also been relatively progressive in its crypto regulation, allowing institutional investment and crypto custody services.
Why it matters: Germany is Europe’s crypto hub, and its Bitcoin reserves reflect both its legal enforcement and financial innovation.
🇸🇻 4. El Salvador – 2,848 BTC (~$236 Million)
El Salvador made history in 2021 by becoming the first country to adopt Bitcoin as legal tender. Since then, it has steadily accumulated Bitcoin through government purchases and mining powered by geothermal energy from volcanoes.
Why it matters: El Salvador is the world’s first Bitcoin nation-state experiment. Its success or failure could influence other developing countries considering similar moves.
🇺🇦 5. Ukraine – 46,351 BTC (~$3.8 Billion)
Ukraine’s Bitcoin holdings are a mix of government donations, private wallets, and wartime crypto fundraising. During the Russian invasion, Ukraine received millions in crypto donations, which were used to fund defense and humanitarian efforts.
Why it matters: Ukraine has shown how crypto can be used in real-time crisis response, making it a model for digital resilience.
🇷🇺 6. Russia – 12,000+ BTC (~$1 Billion)
Russia’s Bitcoin holdings are less transparent but believed to be substantial. The government has seized crypto from criminal cases and is rumored to be using Bitcoin to bypass international sanctions. Russian oligarchs and state-linked entities are also major holders.
Why it matters: Bitcoin offers Russia a financial escape hatch amid geopolitical isolation, raising questions about crypto’s role in global sanctions enforcement.
🇬🇧 7. United Kingdom – 61,000 BTC (~$5 Billion)
The UK has seized large amounts of Bitcoin through its National Crime Agency, particularly from cybercrime and fraud cases. London is also a major center for crypto finance, with institutional investors and hedge funds holding significant private reserves.
Why it matters: The UK’s Bitcoin holdings reflect both enforcement and financial sector adoption, positioning it as a European crypto powerhouse.
🇮🇳 8. India – 93.5 Million Crypto Users (Unknown BTC Holdings)
While India’s government doesn’t officially hold Bitcoin, the country has the largest number of crypto users in the world. With over 93 million investors, a significant portion of that wealth is in Bitcoin. However, regulatory uncertainty continues to cloud the market.
Why it matters: India’s massive retail adoption could influence global Bitcoin liquidity and price dynamics.
🇳🇬 9. Nigeria – 13.3 Million Crypto Users (High BTC Usage)
Nigeria has one of the highest per-capita crypto adoption rates in the world. Bitcoin is widely used for remittances, savings, and business transactions, especially among the youth. The government has launched a central bank digital currency (eNaira) but remains wary of decentralized crypto.
Why it matters: Nigeria shows how Bitcoin can thrive in economies with currency instability and limited banking access.
🇻🇳 10. Vietnam – 20.9 Million Crypto Users (High BTC Penetration)
Vietnam ranks among the top countries for crypto adoption per capita. Bitcoin is used for investment, remittances, and online commerce. While the government has not disclosed any official holdings, the private sector is heavily involved in crypto mining and trading.
Why it matters: Vietnam’s grassroots Bitcoin adoption highlights the role of crypto in emerging markets with tech-savvy populations.
🌍 Honorable Mentions
Brazil: 26 million crypto users, strong fintech integration
Turkey: High inflation driving Bitcoin adoption
South Korea: Major exchange hub, strong retail interest
Switzerland: Crypto-friendly regulation and institutional custody
🧠 Final Thoughts: Bitcoin as a Sovereign Asset
Bitcoin is no longer just a speculative asset—it’s becoming a strategic reserve for both governments and citizens. From the U.S. and China’s massive seizures to El Salvador’s bold experiment, countries are finding different paths to Bitcoin accumulation. Whether for economic freedom, geopolitical leverage, or financial innovation, Bitcoin is now part of the global statecraft toolkit.
As adoption grows and supply remains fixed, the countries that hold the most Bitcoin today may wield disproportionate influence in the digital economy of tomorrow.
