Which country has the most Bitcoin? The United States is the nation with the largest Bitcoin holdings as of 2025. This ownership is not in the conventional sense, where the government actively acquires and manages Bitcoin for economic purposes. Rather, it is the result of several factors, including government seizures, institutional holdings, and U.S.-based cryptocurrency companies. The nation’s active mining and trading activities. Let’s take a closer look at this, analyzing. Why the United States holds the most Bitcoin, as well as the broader global Bitcoin ownership landscape.
U.S. Government Bitcoin Holdings.
The majority of the Bitcoin held by the U.S. government was obtained by law enforcement seizures rather than direct purchases. Large amounts of Bitcoin have been recovered by prominent federal agencies. for example, the FBI, IRS, from illicit activities like ransomware organizations, dark web markets (like Silk Road), and cybercrime investigations.
For example:
- In 2020, the U.S. government seized over 69,000 BTC from an individual associated with Silk Road.
- In 2021, they confiscated another large amount—over 94,000 BTC—linked to a Bitfinex hack dating back to 2016.
Interestingly, the U.S. often sells these coins through public auctions, but not all of them are sold immediately. As a result, the U.S. Treasury retains significant holdings at any given time
Institutional and Private Ownership in the U.S.
In addition to government holdings, several of the biggest institutional investors and businesses specializing in Bitcoin are based in the US. increasing the amount of Bitcoin in the country. The United States is home to a number of big enterprises, financial institutions. Bitcoin ETFs (Exchange-Traded Funds) that manage Bitcoin on behalf of investors.
Some notable entities include:
- Grayscale Bitcoin Trust (GBTC): Once the world’s largest Bitcoin fund, holding hundreds of thousands of BTC.
- BlackRock and Fidelity: These financial giants offer spot Bitcoin ETFs approved by the SEC in 2024, increasing accessibility to Bitcoin for traditional investors.
- MicroStrategy: A U.S.-based public company that owns more than 200,000 BTC, led by outspoken Bitcoin advocate Michael Saylor.
These companies alone hold more Bitcoin than many small countries’ entire financial reserves.
Mining Activity and Bitcoin Retention.
In terms of Bitcoin mining, the US also holds a dominant position. Numerous mining operations have relocated to the United States since China’s crackdown on cryptocurrency mining in 2021, particularly to Texas. other areas with affordable electricity and advantageous rules.
By 2023, more than a third of all new Bitcoins were mined in the United States, which accounted for more than 35%. The miners themselves own some of these recently extracted coins, particularly those who anticipate long-term price growth.
Even if not all of the Bitcoin is kept in centralized reserves, this activity makes a substantial contribution to the total amount of Bitcoin in the United States.
Comparing Other Countries.
Although the United States is undoubtedly in the lead, other nations also possess or have significant influence on Bitcoin, frequently for different reasons:
China
Even though it outlawed cryptocurrency mining and trading in 2021, China continues to have a big but hidden influence on the Bitcoin community. According to some estimates, secret wallets or offshore exchanges may still be used by Chinese individuals and businesses to hold substantial quantities of Bitcoin. However, it is difficult to ascertain the entire area given the absence of transparent data.
Germany
Another government that has seized significant amounts of Bitcoin and is said to possess tens of thousands of BTC is Germany. Similar to the US, Germany obtained its Bitcoin not via market purchases but from law enforcement. A burgeoning network of regulated cryptocurrency exchanges and custodians is also present in Germany.
Wealth Distribution and Decentralization
The decentralized nature of Bitcoin is one of its distinguishing features. Bitcoin is not issued by a centralized entity like gold or sovereign currencies are. It is stored in wallets, which are digital keys that might or might not be connected to physical identities. Because of this, it is difficult to pinpoint exactly which nation “owns” a given quantity of Bitcoin, unless those coins are held by organizations that are easily identified by the public.
Furthermore, a sizable amount of Bitcoin—up to 20%, according to some estimates—is misplaced or unavailable as a result of forgotten wallets or lost private keys. Accurate ownership monitoring is made even more difficult by this.
Conclusion
The United States tops the globe in the amount of Bitcoin held domestically by governments, organizations, miners, and private individuals. Hundreds of thousands of Bitcoins are held by the government alone as a result of illegal seizures. At the same time, ETF issuers like BlackRock and American firms like MicroStrategy retain enormous institutional holdings. The U.S. has become the worldwide capital of Bitcoin due to its robust crypto legal environment and overwhelming mining share. However, because Bitcoin is anonymous, it is still difficult to determine who owns it. Although the United States leads in quantifiable terms, a substantial portion of Bitcoin is unattainable by any nation-state due to decentralized wallets around the world.
