A cryptocurrency reserve exists when a government holds crypto as part of its national assets, either through an explicit crypto strategic reserve or as government-owned holdings from seizures, mining, or other state activity.
As of 2025, the United States holds the largest known government crypto reserve, driven primarily by its Bitcoin holdings under a formal Strategic Bitcoin Reserve framework.
This article focuses on strategic intent, reserve classification, and publicly acknowledged holdings, rather than attempting to track real-time wallet balances.
A cryptocurrency reserve (sometimes called a crypto reserve fund) refers broadly to any crypto held by a government, including:
A crypto national reserve is explicitly declared by a government or central authority as part of its reserve strategy and is typically subject to governance or policy frameworks.
A crypto strategic reserve is a national reserve with a defined strategic objective, such as long-term holding, diversification, or national-interest positioning, rather than short-term monetisation.
The United States formally established a Strategic Bitcoin Reserve through an executive framework in March 2025.
Holdings: Publicly reported estimates place U.S. government Bitcoin holdings at approximately 325,000–328,000 BTC, making it the largest known sovereign holder globally.
This marks a clear policy shift from periodic liquidation toward long-term sovereign custody of Bitcoin.
El Salvador formally integrated Bitcoin into its national financial strategy beginning in 2021, making it the first country to treat Bitcoin as a sovereign reserve asset.
Crypto involved:
Holdings: Publicly reported figures indicate that El Salvador currently holds approximately 7,500 BTC.
These holdings were accumulated through direct market purchases rather than seizures or enforcement actions.
El Salvador’s approach represents a deliberate and ongoing policy decision to position Bitcoin as part of the country’s sovereign reserve assets, with a long-term holding orientation rather than short-term monetisation.
Pakistan announced the creation of a government-led Strategic Bitcoin Reserve in 2025, marking a significant shift in its engagement with digital assets at the sovereign level.
Crypto involved:
Holdings: Specific reserve quantities have not been publicly disclosed.
Government communication has focused on strategic intent and infrastructure development, including energy allocation, mining initiatives, and data centre capacity.
Pakistan’s reserve strategy is currently at an early stage, reflecting positioning and policy alignment rather than disclosed accumulation.
China controls a substantial volume of Bitcoin as a result of large-scale law enforcement seizures, rather than through an explicit reserve strategy.
Crypto involved:
Holdings: Publicly reported estimates place government-controlled Bitcoin holdings at approximately 190,000 BTC.
These assets are not classified as a crypto national reserve, and there is no formal framework indicating strategic reserve status. China’s broader policy stance remains restrictive toward cryptocurrency usage and trading, despite significant state-held assets.
The United Kingdom’s Bitcoin holdings originate primarily from criminal asset seizures, particularly in major financial crime cases.
Crypto involved:
Holdings: Publicly reported figures indicate holdings of approximately 61,000 BTC.
These assets are not designated as a strategic reserve. The UK’s policy approach prioritises regulatory oversight and enforcement, with no current indication of long-term sovereign Bitcoin custody as a reserve asset.
Ukraine’s crypto holdings developed through a combination of official disclosures, public-sector wallets, and international donations, particularly during periods of heightened geopolitical pressure.
Crypto involved:
Holdings: Publicly reported figures suggest approximately 46,000 BTC associated with public-sector entities, though assets are distributed across multiple agencies and purposes.
These holdings do not constitute a unified crypto national reserve but reflect the use of crypto as a tool for resilience, transparency, and international support.
Bhutan’s crypto holdings stem from state-linked Bitcoin mining operations, supported by the country’s abundant hydropower resources.
Crypto involved:
Holdings: Publicly reported estimates place Bhutan’s Bitcoin holdings at approximately 6,000 BTC.
These assets are treated as state-owned crypto holdings, not as part of a formally designated national reserve, reflecting an energy-monetisation strategy rather than a monetary policy initiative.
Germany previously held Bitcoin as a result of law enforcement seizures, but adopted a policy of liquidation rather than long-term custody.
Crypto involved:
Holdings: As of 2025, Germany holds 0 BTC at the federal level, following the sale of nearly all seized Bitcoin in 2024.
Germany’s approach reflects a preference for converting crypto assets into fiat rather than incorporating them into sovereign reserve strategy.
By publicly reported holdings and strategic classification, the United States currently holds the largest known government crypto reserve, driven by its Bitcoin holdings under a formal Strategic Bitcoin Reserve framework.
If the question is limited to countries with long-standing, publicly communicated sovereign Bitcoin strategies, El Salvador remains the most visible and consistent example, although its holdings are significantly smaller in absolute terms.
Governments pursue crypto national reserves for several recurring reasons:
Bitcoin is increasingly viewed by some policymakers as a digital analogue to gold, offering diversification beyond traditional reserve assets such as foreign currency and sovereign debt.
Where governments already control crypto through enforcement actions, a reserve framework allows for structured custody, reporting, and long-term decision-making.
Countries with abundant or stranded energy resources may convert that capacity into state-owned crypto assets through mining. Bhutan is the most cited example of this approach.
In constrained financial environments, crypto can be framed as a supplementary tool for cross-border settlement or trade support, although this approach carries regulatory and geopolitical risks.
Announcing a crypto strategic reserve can signal openness to innovation, infrastructure investment, and digital-asset development, even before holdings are fully disclosed.
Across all known government holdings, Bitcoin dominates as the primary crypto asset associated with reserves or state-owned portfolios.
Some frameworks, such as that of the United States, distinguish between Bitcoin as a strategic reserve asset and other digital assets held within broader government stockpiles.
In 2025, the clearest policy-backed examples are the United States and El Salvador. Pakistan has also announced a government-led strategic Bitcoin reserve, though quantities have not been publicly disclosed.
Based on publicly reported figures, the United States holds the largest known government Bitcoin reserve, with approximately 325,000–328,000 BTC.
No. Most government crypto holdings result from seizures, mining, or other state activity and are not classified as strategic reserves unless explicitly designated as such.
Bitcoin is the primary asset. Some governments also hold other digital assets as part of broader stockpiles.
Common motivations include diversification, formalising existing holdings, monetising energy resources, improving financial resilience, and signalling digital-asset leadership.
When asking “what country has a cryptocurrency reserve and what is the largest”, the most defensible answer in 2025 is clear.
The United States holds the largest known volume of government-controlled Bitcoin and has formally established a Strategic Bitcoin Reserve, signalling a shift toward long-term sovereign custody.
Alongside it, El Salvador remains the most established example of a country actively integrating Bitcoin into its national reserve strategy.
Together, these cases show that cryptocurrency reserves are no longer theoretical. They are becoming a structured component of sovereign asset management, shaped by national priorities rather than short-term market dynamics.
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