The amount of Bitcoin held by governments worldwide has fallen by roughly 12% over the past six months, according to recent industry data.
On May 5, the crypto industry reported findings from CoinGecko showing that governments collectively hold around 463,741 Bitcoins. This marks a significant drop from the 529,591 recorded in July 2024—equivalent to about 2.3% of Bitcoin’s total circulating supply.
Germany and Ukraine were among the most prominent sellers during this period. The German government liquidated all 46,359 Bitcoins it previously held last year, while Ukraine spent the 256 Bitcoins it had received via donations on humanitarian aid and other emergency needs. The sales were largely driven by fiscal pressures, legal obligations to convert seized assets into cash, and efforts to take profits at market highs. Ukraine’s ongoing war created an urgent need for funding, while Germany was also grappling with financial strain.
The United States remains the largest government holder of Bitcoin, with 198,012 coins as of April 2025—a slight decline from last year due to limited sell-offs. However, this trend halted in March after former President Donald Trump signed an executive order directing federal agencies to cease Bitcoin sales. The order reclassified seized digital assets as part of the U.S. strategic reserve, to be reported to the Treasury Department and managed similarly to gold holdings.
Meanwhile, some countries have been steadily increasing their Bitcoin reserves.
El Salvador, which became the first country to adopt Bitcoin as legal tender in 2021, has continued acquiring the asset using national funds, reaching a total of 6,135 Bitcoins. Under President Nayib Bukele’s direction, the country has adhered to a policy of purchasing one Bitcoin per day since November 2022, and has pursued parallel initiatives such as geothermal-powered mining and the issuance of Bitcoin bonds. With Bitcoin’s recent price surge, El Salvador’s investment returns are now estimated at around 90%.
Bhutan has also expanded its holdings, currently possessing 8,594 Bitcoins through environmentally friendly hydropowered mining operations. The Himalayan kingdom began mining in 2017 and is considered a rare example of a national government directly accumulating digital assets.
In contrast, countries like China and the United Kingdom have maintained a cautious stance. China still holds 194,000 Bitcoins seized during a 2019 Ponzi scheme crackdown but has made no public statement on future liquidation plans. Similarly, the UK has yet to decide whether to sell the 61,000 Bitcoins it obtained from criminal seizures.
Although total government Bitcoin holdings have declined, the landscape could shift again. Growing interest from individual U.S. states in adopting Bitcoin as a form of "digital reserve" suggests that significant policy changes may be on the horizon.