Key Takeaways
- Pakistan joins the list of nations establishing a Bitcoin strategic reserve.
- Global government Bitcoin holdings dropped to 463,741 BTC as of April 2025.
- U.S., China, and the U.K. still lead in crypto holdings despite liquidations.
Pakistan has announced plans to establish a national Bitcoin strategic reserve, a move that puts the country among a growing cohort of governments experimenting with digital assets.
The decision follows a detailed study by CoinGecko, which found that as of April 2025, governments hold a total of 463,741 BTC, approximately 2.3% of the total circulating supply. This marks a significant decline from July 2024, when it was pegged at 529,591 BTC, highlighting increased adoption and opportunistic selling by different states.
Notable entry by Pakistan into the club of nations that have recently acquired Bitcoin. While the amount of BTC to be allocated is not revealed, sources within the country indicate a plan similar to that of El Salvador, where gradual accumulation and strategic storage take precedence over immediate utility.
The Changing Face of Government BTC Portfolios
The US has the largest government-held Bitcoin reserve of 198,012 BTC, valued at roughly $18.3 billion. That includes BTC confiscated in some of the biggest busts, meaning the Silk Road operation and the Bitfinex heist. Still, it marks a minor dip from mid-2024.
One notable development came in March 2025 when President Donald Trump signed an executive order establishing a “Digital Fort Knox.” The order aims to consolidate and secure federally controlled Bitcoin, viewing it through the lens of a national long-term asset.
China holds 190,000 BTC from the PlusToken bust, allegedly still keeping it despite crypto bans. The U.K. has 61,000 BTC with debates over how to use it. Bhutan has mined 8,594 BTC through hydropower, whereas daily buys have allowed El Salvador to grow its holdings to 6,135 BTC now.
Why Governments Hold or Sell Bitcoin
Government Bitcoin holdings originate from four basic sources: seizures, mining, purchases, and donations. The three primary BTC holders are the U.S., China, and the U.K., all of which acquired most of their BTC through cybercrime crackdowns. Bhutan is a unique example of a sustainable mining model; among governments, El Salvador alone consistently engages in open-market buying.
Some governments sell for strategic or legal reasons. For example, Germany sold 46,359 BTC in May 2024 to relieve some budget pressures, which temporarily reduced Bitcoin’s market price by 15.7%. On the contrary, Ukraine received over 256 BTC in donations that have since been converted to support humanitarian aid related to the war.
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