Bitcoin Goes Sovereign: 23 Nation-States Estimated to Own BTC

A new research report from bitcoin-focused financial services firm River estimates that 23 nation-states now hold bitcoin, signaling a steady shift from fringe asset to sovereign balance sheet contender.

River Report: Nearly 2 Dozen Countries Now Hold Bitcoin as Nation-State Adoption Expands

River’s latest adoption report paints a clear picture: bitcoin (BTC) is no longer confined to retail traders and tech founders. Governments are now part of the equation, with 23 nation-states estimated to own BTC through seizures, direct purchases, state-backed mining or sovereign wealth allocations.

A breakdown in the report shows the United States leading sovereign holdings with 328,372 BTC, primarily from asset seizures. The United Kingdom follows with 61,245 BTC, while the United Arab Emirates holds 30,382 BTC via sovereign wealth exposure and mining-related strategies. China, despite its domestic mining ban, is estimated to control 15,000 BTC through confiscations.

El Salvador remains the only country to have adopted bitcoin as legal tender and is listed with 7,514 BTC acquired through direct purchases. Bhutan appears with 5,884 BTC tied to state-backed mining, underscoring how smaller economies are experimenting with strategic exposure.

The report’s map of sovereign ownership spans North America, Europe, the Middle East, Asia, and parts of Africa and Latin America, reflecting what River describes as accelerating nation-state adoption.

Beyond sovereign holdings, River emphasizes that bitcoin’s infrastructure has grown more geographically dispersed. According to its hashrate distribution analysis, 34 countries now account for more than 0.1% of global hashrate, while 12 exceed 1%, suggesting mining concentration risk has eased compared with prior cycles.

The report’s ownership distribution data as of Dec. 31, 2025, indicates individuals still dominate with 14.01 million BTC, or 66.7% of supply. Funds and ETFs control 1.49 million BTC, businesses hold 1.45 million BTC, and governments account for 432,000 BTC, roughly 2.1% of the supply.

Institutional participation continues to broaden. River highlights allocations from hedge funds, asset managers, sovereign wealth funds, endowments, pension funds, and insurance firms, with billions in reported exposure across categories.

Merchant adoption is also expanding. The River report notes that North America led merchant growth in 2025, with 6,535 merchants accepting bitcoin and a year-over-year increase of 1,299. Europe maintains a slight lead in total merchants at 6,745.

On the payments front, Lightning Network activity saw significant growth. River estimates Lightning volume rose 300% in 2025, with exchanges increasingly integrating deposits and withdrawals, pushing average transaction sizes higher.

Regulatory shifts appear to be moving in bitcoin’s favor in many jurisdictions. The report notes that 34 countries have approved bitcoin exchange-traded funds (ETFs) or exchange-traded products (ETPs), while several others legalized mining, clarified tax treatment, or allowed banks to custody bitcoin in recent years.

Taken together, the findings suggest bitcoin’s role in the global financial system is maturing. It is no longer solely a speculative vehicle; it is increasingly a strategic asset considered by institutions, businesses, and governments alike.

For a network born in the shadow of the 2008 financial crisis, landing on sovereign balance sheets in 23 countries marks a notable chapter in its evolution.

FAQ 🔎

• **How many countries hold bitcoin, according to River?**River estimates that 23 nation-states currently own bitcoin through various acquisition methods.
• **Which country holds the most bitcoin?**The United States leads with an estimated 328,372 BTC, largely from asset seizures.
• **How do governments acquire bitcoin?**Governments obtain bitcoin through seizures, direct purchases, state-backed mining and sovereign wealth allocations.
• **What share of bitcoin supply do governments control?**Governments collectively hold about 432,000 BTC, representing roughly 2.1% of total supply.