Author: Fairy, ChainCatcher

Editor: TB, ChainCatcher

Bitcoin is a hidden piece in the new round of national competition.

This morning, the U.S. House of Representatives passed the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance National Act in succession, officially kicking off the acceleration of cryptocurrency legislation.

When Bitcoin becomes a national policy, sovereign nations are no longer bystanders but participants, players, and even table-flippers. In today's escalating global monetary game, understanding the "national team's" cryptocurrency layout may be a key step in grasping the next round of global financial trends.

This article will deeply analyze the current Bitcoin holdings and policy trends of major countries around the world, revealing the true landscape of this "national-level holding game."

⏰ Time-Saving Version | Overview of Bitcoin Holdings by Country

Straight to the point: The table below summarizes the number of Bitcoin holdings, sources, and policy attitudes of various countries, providing a quick glance at the "national team's" cryptocurrency asset map.

📝 Country-by-Country Analysis | Who is Hoarding Coins? Who is Liquidating?

United States

• Holdings: Approximately 198,012 BTC
• Main Source: Law enforcement seizures, including the Silk Road case, Bitfinex hack, etc.
• Strategic Direction:

In March 2025, the Trump administration signed an executive order to officially establish a strategic Bitcoin reserve and digital asset reserve.

Currently, during the House's Crypto Week, three cryptocurrency bills are under concentrated review: the GENIUS Act, the CLARITY Act, and the Anti-CBDC Act, targeting stablecoins, digital asset classification, and central bank digital currencies.

The House has passed all three bills. Among them, the CLARITY Act and the Anti-CBDC Act will be submitted to the Senate for review; the GENIUS Act is expected to be officially signed into law by Trump this Friday.

China

• Holdings: Approximately 194,000 BTC
• Main Source: Seizures from the PlusToken Ponzi scheme in 2019
• Strategic Direction:

In 2017, the People's Bank of China and seven ministries jointly issued a document to completely halt ICOs and the operation of cryptocurrency trading platforms; in September 2021, ten ministries, including the central bank, issued a notice clearly defining cryptocurrency trading as "illegal financial activities" and intensified efforts.

Currently, local governments are showing signs of exploring stablecoins: for example, the Wuxi Municipal Party Committee's reform task promotion meeting is exploring stablecoin empowerment for foreign trade development; the Shanghai State-owned Assets Supervision and Administration Commission held a study meeting on the development trends and response strategies of cryptocurrencies and stablecoins.

Additionally, Hong Kong has adopted an open attitude, fully embracing cryptocurrency. The Hong Kong Stablecoin Regulation will take effect in August, with over 50 companies in Hong Kong intending to apply for stablecoin licenses.

United Kingdom

• Holdings: Approximately 61,000 BTC
• Main Source: Law enforcement seizures from money laundering and other criminal activities
• Strategic Direction:

In September 2024, the Digital Assets Property Bill was officially introduced, clearly recognizing cryptocurrencies as legally protected personal property, providing clear judicial protection.

The UK's Financial Conduct Authority (FCA) requires all virtual asset service providers to register and fully comply with anti-money laundering (AML) and counter-terrorism financing (CFT) rules.

Bhutan

• Holdings: Approximately 11,286 BTC
• Main Source: Green Bitcoin mining based on hydropower resources
• Strategic Direction:

In 2019, the Royal Monetary Authority of Bhutan launched the "Cryptocurrency Mining Regulatory Sandbox Framework," providing regulatory conditions for mining. The government discreetly established Bitcoin mining sites, utilizing its abundant hydropower resources to "mine" BTC, managed through the sovereign wealth fund Druk Holding & Investments (DHI).

Previously, Bhutan had mined 12,574 BTC, accounting for about 30%-40% of its GDP. However, Bhutan also conducts occasional selling operations, having transferred 749.3 BTC to Binance in the past half month, still holding 11,286 BTC.

El Salvador

• Holdings: Approximately 6,240 BTC
• Main Source: Government purchases and mining
• Strategic Direction:

In 2021, El Salvador became the first country to adopt Bitcoin as legal tender. El Salvador requires that all goods in the country can be priced in Bitcoin; any economic entity must accept Bitcoin payments; Bitcoin transactions are exempt from capital gains tax, and taxes can be paid in cryptocurrency.

In early 2025, due to pressure from the International Monetary Fund (IMF), El Salvador adjusted its policy: Bitcoin no longer has mandatory circulation status and is now "voluntarily accepted"; tax payments are no longer accepted in cryptocurrency.

Currently, Bitcoin remains an important part of the country's economic strategy, maintaining a policy of purchasing 1 BTC daily.

Iran

• Holdings: Unknown quantity, experts estimate a cumulative holding of 600,000-200,000 BTC
• Main Source: Domestic mining
• Strategic Direction:

In 2019, the government officially legalized Bitcoin mining and required miners to sell a portion of the mined BTC to the central bank. According to Andrew Scott Easton, founder of Mastermined, Iran has mined over 60,000 BTC to date; Kent Halliburton, founder of Sazmining, believes it may have accumulated 100,000-200,000 BTC.

In December 2024, Iran changed its stance on digital currencies, shifting from imposing restrictions to focusing on regulation. Iran's Minister of Economic Affairs and Finance, Abdolnaser Hemmati, emphasized the government's plan to mitigate the economic risks posed by digital currencies while leveraging their potential benefits.

Finland

• Holdings: Approximately 90 BTC
• Main Source: Seizures in criminal cases, especially from a major drug bust in 2016
• Strategic Direction:

Finland once held 1,981 BTC, mainly seized by Finnish customs in criminal cases. In 2022, the government decided to sell 1,890 BTC to donate to Ukraine, using part of the proceeds, amounting to "tens of millions of euros," for humanitarian aid.

Since 2018, the Finnish Financial Supervisory Authority (FIN-FSA) has included the cryptocurrency industry in the regulatory framework of the "Virtual Currency Providers Act"; this act requires all trading platforms, custodians, and wallet service providers to register and comply with KYC/AML obligations.

Starting in 2025, Finland will fully implement the EU MiCA regulations, covering stablecoins, DeFi, cryptocurrency asset service providers, and more, further aligning its regulatory framework with the EU.

Georgia

• Holdings: Approximately 66 BTC
• Main Source: Court litigation
• Strategic Direction:

In 2022, Georgia passed a new financial regulatory framework, bringing digital asset trading and related businesses under regulatory oversight.

Starting in 2023, Georgia introduced the "Virtual Asset Service Provider (VASP) Registration Law," requiring cryptocurrency-related businesses to register with the National Bank and obtain licenses, complying with the Financial Action Task Force (FATF) anti-money laundering (AML) and counter-terrorism financing (CFT) standards.

Venezuela

• Holdings: Approximately 240 BTC
• Main Source: Unknown
• Strategic Direction:

Venezuela was one of the first countries in the world to incorporate cryptocurrency into its national governance toolbox. In 2018, the government issued the "Constitutional Decree on Cryptocurrency and Related Activities," covering mining, trading, custody, platform operations, asset issuance, etc., and established a dedicated agency, SUNACRIP, for regulation.

In the same year, it launched the national sovereign digital currency Petro (PTR), claiming it was backed by oil and mineral resources and issued on the DASH blockchain, but it has always lacked transparency and market trust. In 2023, a $3 billion corruption scandal involving SUNACRIP erupted, leading to a complete collapse of the regulatory system, and Petro was officially discontinued in 2024.

Faced with ongoing inflation, more and more Venezuelans are turning to stablecoins for hedging. In December 2024, experts stated that stablecoin trading currently accounts for nearly half of Venezuela's total cryptocurrency trading volume.

Ukraine

• Holdings: Approximately 186 BTC
• Main Source: Global donations during the war, law enforcement seizures
• Strategic Direction:

Since the outbreak of the Russia-Ukraine war in 2022, Ukraine has become the first country to adopt Bitcoin on a large scale due to the realities of war rather than ideological motivations. Faced with blocked traditional financial channels, Ukraine quickly transformed cryptocurrency into "digital military funding" across borders.

In March 2022 alone, Ukraine raised over $100 million in cryptocurrency donations through online platforms, at one point holding as much as 46,351 BTC. These funds were rapidly invested in military equipment purchases, humanitarian aid, infrastructure repairs, and wartime logistics.

By May 2025, Ukraine is formulating a legal framework for holding Bitcoin in its national reserves, with a special parliamentary committee led by financial officials finalizing the legislative draft.

Germany

• Holdings: Approximately 0 BTC
• Main Source: Law enforcement seizures, confiscated 49,857 BTC from the illegal movie piracy site Movie2k.to
• Strategic Direction:

In January 2024, the German government seized 49,857 BTC from the illegal movie piracy site Movie2k.to through law enforcement actions. Just six months later, the German government chose to sell all of these Bitcoins.

In 2021, Germany passed new legislation allowing about 4,000 existing institutional investment funds to invest in cryptocurrency assets, enabling fund managers to allocate 20% of their funds to crypto assets. In December 2024, Germany fully adopted the EU's "Crypto Asset Market Regulation," regulating stablecoins, ICOs, and DeFi, ensuring market transparency and consumer protection.

Recommended Reading:

From Two Pizzas to Major Asset Class: A Look at 27 Key Players in Bitcoin's 16-Year Rise

Bitcoin Officially Enters State Government "Treasury," Will a Reserve Boom Begin?

In the Eye of the Regulatory Storm: A Detailed Explanation of the Three Major Bills in "U.S. Crypto Week"

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