According to the ranking of governments holding Bitcoin, the United States government currently holds the largest amount of Bitcoin, with a total of 213,246 BTC worth $13.5 billion. China and the United Kingdom rank second and third, respectively, holding 190,000 BTC and 61,000 BTC, which were all confiscated as part of anti-crime efforts.
The website BitcoinTreasuries, built and maintained by the Bitcoin security hardware manufacturer Coinkite, specializes in tracking the Bitcoin holdings of major entities. The data is compiled from SEC filings, quarterly reports, press releases, and other available sources. According to the ranking of governments holding Bitcoin, the United States currently has the largest holdings.
The Bitcoin holdings of various governments are as follows:
United States: 213,246 BTC worth $13.58 billion
China: 190,000 BTC worth $12.1 billion
United Kingdom: 61,000 BTC worth $3.8 billion
Germany: 50,000 BTC worth $3.18 billion
Ukraine: 46,351 BTC worth $2.95 billion
El Salvador: 5,702 BTC worth $363 million
Bhutan: 621 BTC worth $39.55 million
Venezuela: 240 BTC worth $15.29 million
Finland: 90 BTC worth $5.73 million
Georgia: 66 BTC worth $4.2 million
Source: BitcoinTreasuries
The governments with the highest holdings of Bitcoin have never actually purchased Bitcoin. Their holdings have all been confiscated from criminals. The United States government, which holds the largest amount of Bitcoin, confiscated over 200,000 BTC from cybercriminals and dark web markets in three separate law enforcement actions between November 2020 and 2022. Currently, these Bitcoins are primarily stored in encrypted, password-protected offline cold wallets controlled by the US Department of Justice, Internal Revenue Service, or other institutions.
The main sources of Bitcoin confiscated by the US government are as follows:
November 2020: Confiscated from the largest dark web black market, Silk Road – 69,369 BTC
January 2022: Confiscated from the Bitfinex hackers – 94,643 BTC
March 2022: Confiscated from Silk Road hacker James Zhong – 51,326 BTC. The US government still holds 41,500 BTC from this seizure.
For a long time, how the US government handles these Bitcoins has been a topic of market concern, as any sale could potentially affect the price. In February 2021, the US government sold 9,861 BTC previously owned by Silk Road on Coinbase. In February 2022, the US government transferred the 15,085 BTC confiscated in the Bitfinex hack, possibly in preparation for an auction.
Source: BitcoinTreasuries
China’s government, which ranks second in Bitcoin holdings, confiscated 190,000 BTC in the PlusToken Ponzi scheme case in 2020. According to the criminal ruling, the Chinese public security authorities seized the following assets:
194,775 BTC
833,083 ETH
14 million LTC
27.6 million EOS
74,167 DASH
6 billion DOGE
80,000 BCH
213,724 USDT
Source: BitcoinTreasuries
The UK government, which ranks third in Bitcoin holdings, confiscated 61,000 BTC in a Bitcoin money laundering case. Jian Wen, a former Chinese restaurant employee in the UK, was accused by British authorities of assisting Chinese fugitive Zhimin Qian in money laundering with fake identities, leading to the confiscation of 61,000 BTC. From 2014 to 2017, Zhimin Qian orchestrated a $6.3 billion investment fraud scheme, defrauding 130,000 Chinese investors.
Although the current UK government has confiscated these 61,000 BTC, Chinese scholars recently pointed out that the 130,000 Chinese victims have the right to compensation. They suggested that this case needs to be resolved through diplomatic coordination, judicial cooperation, and law enforcement cooperation between China and the UK to achieve a win-win situation under the framework of international law.
Source: BitcoinTreasuries
It is worth noting that MicroStrategy, a US-listed company, holds even more Bitcoin than any country. They currently hold 214,278 BTC worth $13.55 billion. In comparison, Tesla, the second-largest holder of Bitcoin among publicly traded companies, holds only 17,631 BTC worth $1.11 billion.
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