US and China top the list for government-held Bitcoin, with Bhutan investing in crypto mining using hydro power
The US, China, UK, and Ukraine top the list for government-held Bitcoin, with Bhutan making headlines for using hydro power to mine its holdings. Analysts see crypto as a strategic asset.
According to data from Bitbo.io and Cointelegraph, the United States, China, the United Kingdom, Ukraine, and Bhutan are the top five countries with the most government-held Bitcoin as of 2025. The majority of Bitcoin holdings in these countries are the result of assets seized through cybercrime cases, with Bhutan being the exception, having accumulated its Bitcoin through clean energy-driven mining.
The United States holds approximately 207,000 BTC (worth about $24 billion or 816 billion baht), accounting for around 0.99% of the global Bitcoin supply. These assets largely stem from seizures in major cybercrime cases such as Silk Road, Bitfinex Hack, and money laundering operations. The US government stores the seized Bitcoin in its digital treasury, with some portions auctioned periodically.
China ranks second, holding around 194,000 BTC (worth about $23 billion or 782 billion baht), primarily seized from the PlusToken scam, one of the largest crypto scams in history in 2019. Despite China’s crackdown on cryptocurrency, these seized assets remain under state control.
The United Kingdom is in third place with approximately 61,000 BTC, valued at $7.3 billion (248 billion baht). These holdings came from various cybercrime and money laundering cases.
Ukraine holds about 46,351 BTC, worth roughly $5.6 billion (190 billion baht). These funds were mostly donated by international supporters to assist Ukraine during the ongoing Russia-Ukraine conflict, covering both humanitarian aid and national defence needs.
The most surprising entry on the list is Bhutan, which ranks fifth. The country holds between 12,000 and 13,000 BTC, worth an estimated $1.1–1.4 billion (37–48 billion baht). Unlike the others, Bhutan did not acquire its Bitcoin through asset seizures but by investing in mining using hydroelectric power through its state-owned fund, Druk Holding & Investments. This quiet operation began in 2021 before being revealed in a recent international media report.
Analysts suggest that the growing trend of governments holding Bitcoin signals its shift towards becoming a “strategic asset” amid global financial changes. This comes as the world faces high-interest rates, political uncertainty, and currency volatility.
The increasing role of governments in holding cryptocurrency has become a focal point for the market, reflecting Bitcoin’s new position in the global economy as it transitions from an alternative asset to a strategic global asset.
