Despite expectations that government Bitcoin holding would rise alongside clearer regulation and stronger crypto markets, 2025 told a far more restrained story. New data shows that only a small number of governments increased their Bitcoin reserves last year, while most either held steady or reduced their exposure.
According to figures from TechGaged.com, just three governments added to their Bitcoin holdings in 2025, with the United States leading the way following a major 130,000 BTC forfeiture seizure. The findings challenge assumptions about widespread sovereign accumulation of digital assets.
Two Governments Cut Their BTC Reserves Last Year
Although governments are among the largest Bitcoin holders, they don`t act like typical Bitcoin whales. For a start, that means they don`t buy dips and accumulate BTC during price drops. Instead, their reserve changes are driven by politics, seizures, or legal processes, rather than market-timed moves.
That explains why most of the ten Bitcoin holding governments didn`t touch their BTC reserves in 2025; they didn`t use price dips to buy more or sell when prices went down. In fact, according to Bitcoin Treasuries and Sentora Research, which track BTC reserves held by countries, states, and government agencies with detailed acquisition data, only five governments made drastic moves last year: three increased their Bitcoin holdings, two reduced parts of their reserves, and the United States stands in a category of its own, both in total BTC and in USD-value shifts.
In late October, U.S. authorities seized roughly 130,000 BTC in a major forfeiture related to fraud charges against former Chinese national Chen Zhi, increasing its already massive Bitcoin reserve to over 328,300 BTC, 70% larger than China’s second-ranked Reserve. This case pushed the dollar value of U.S. BTC reserves to $29.3 billion, up $9.8 billion in a year despite Bitcoin`s latest price drop. Only two other countries increased their BTC holdings last year, and both are miles away from these figures.
In November, El Salvador added 1,513 BTC during a market dip, pushing its total reserves to over 7,500 BTC, worth $667 million last week, or $78 million more than a year ago. The United Arab Emirates also increased its BTC reserves in 2025, mainly through state-backed mining operations, adding 443 BTC and bringing its total holdings to 6,420 BTC.
Two Bitcoin-holding governments saw substantial declines in their tracked BTC reserves in 2025, though it remains unclear whether the reductions stemmed from market sales, transfers, or changes in custody. Bhutan`s Bitcoin reserves declined by 5,704 BTC, and North Korea`s by 12,750 BTC. Still, all of the listed countries except the United States and El Salvador ended 2025 in the red. When measured in USD terms, China took the worst hit, losing over $1.5 billion from its government Bitcoin reserves, despite making no moves. North Korea and Bhutan followed with declines of just over $1 billion and $605 million, respectively.
TechGaged.com research analyst Jastra Kranjec said:
“2025 made it clear that governments approach Bitcoin very differently. Most didn’t actively trade or accumulate BTC at all, leaving their holdings largely unchanged, while a few took decisive — but very different — paths. El Salvador continued to buy Bitcoin on market dips as part of a long-term strategy, while the United States expanded its lead almost entirely through large-scale seizures. The result is a highly uneven government Bitcoin landscape shaped as much by policy and enforcement as by conviction.”
Eight Bitcoin Holding Governments Lost Over $4.3 Billion in BTC Value Last Year
While all these governments begun investing in Bitcoin to diversify their reserves, hedge against inflation, and strengthen their positions in the rapidly growing digital economy, they`re still not immune to the volatility and unpredictability of the crypto market. And just like any other crypto investors, they were hit hard by the 2025 price swings, which caused major damage to their Bitcoin reserves.
While half of all bitcoin-holding governments didn`t make a single move in 2025, eight of the ten still ended the year in the red. When measured in USD terms, these eight countries, including China, the United Kingdom, Ukraine, the United Arab Emirates, Bhutan, North Korea, Venezuela, and Finland, collectively lost more than $4.3 billion in BTC value.
