Bitcoin emerging as a reserve asset has sparked debates worldwide with many countries having established their reserves and others being very close to incorporating their own reserve soon.
We have compiled this list of countries that either have established a Bitcoin Reserve or have showed clear signs of incorporating one in the near future.
Aside from governments, several institutions have adopted Bitcoin via ETFs.
United States
The United States established a Bitcoin Reserve via Presidential Order in March 2025 after an election promise made by Donald Trump in his race for the 2025 US Elections. Around 198,012 Bitcoins are known to be in the reserve as per data by Arkham Intelligence.
The US Bitcoin Reserve gets BTC from confiscated cryptocurrencies from various criminals in the past, including that from Ross Ulbricht’s infamous Silk Road. Donald Trump has explicitly mentioned that the new Bitcoin purchases for the reserve would come from tax-neutral methods, i.e., no additional burden will be levied on taxpayers’ money.
Further, the SEC has proposed to buy further Bitcoins via leveraging blockchain technology. With the adoption of blockchain for the US Govt’s internal transactions, the SEC expects to free up to $7.5 billion per year.
Finally, more than 20 US States have established their own independent reserves, followed by the federal government.
El Salvador
The El Salvador Government was the very first government to establish a Bitcoin Reserve by buying BTC from the open markets. These series of purchases has helped the small South American nation to acquire 6,161 BTC, a significant amount for such a small nation.
El Salvador has been troubled with economic worries for the last few years. The country has also requested a $1.4 billion IMF loan, but those funds are expected to come at the cost of ending its Bitcoin Reserve. However, the current president has categorically denied any end to the Bitcoin purchases.
In the future, these Bitcoins are expected to play a major role in lifting the country economically. Bitcoin is expected to cross $1 million by 2030.
Bhutan
Bhutan is a unique country in the list because almost all of its Bitcoin Reserves, estimated to be 7,486 BTC, have been obtained entirely via mining rewards. The tiny Himalayan country has been a Bitcoin miner since 2021 and has abundant geothermal electricity.
Bhutan’s Bitcoin Reserves stand officially as the second largest among governments.
#NOTE: North Korea is believed to have the second-largest illegal Bitcoin/Crypto reserves, entirely obtained from hacks and exploits.
Japan
Japan is soon expected to start a Bitcoin Reserve as it has been actively reducing US Dollars from its foreign exchange reserves. Further, Japan has also been diversifying with other reserve assets like Gold.
United Arab Emirates (UAE)
The United Arab Emirates could soon establish its own independent Bitcoin Reserve, as the country has emerged as the top destination for crypto-based businesses in 2025.
Further, being a top tax haven, the UAE already attracts enough crypto startups who would be happy to pay their taxes, fees and various government charges in Bitcoin.
Singapore
Singapore could establish a Bitcoin Reserve as early as 2025 because the country has been actively involved in the creation of tokenized RWA funds along with entities like the UBS Bank in Switzerland. The Monetary Authority of Singapore has emerged as a key entity in enabling RWA projects via its pilot programs like the uMINT.
Hence, it seems to be inches away from instituting an independent Bitcoin Reserve of its own.
Former Bitcoin-Owning Governments
The German Government had one of the largest Bitcoin Reserves after the USA, but in 2024 had sold all of their 50,000 BTC reserves at a very low cost of $2 billion. Those reserves would have been at least $5 billion at current markets.
