Here are the governments with the largest Bitcoin holdings in 2025:
United States: 198,022 bitcoins
China: 190,000 bitcoins
United Kingdom: 61,245 bitcoins
Ukraine: 46,351 bitcoins
North Korea: 13,562 bitcoins
Bhutan: 11,286 bitcoins
El Salvador: 6,257 bitcoins
Venezuela: 240 bitcoins
Finland: 90 bitcoins
Data sourced from BitcoinTreasuries, updated as of July 31, 2025.