As October winds down, it’s been anything but boring — especially after news broke that U.S. authorities seized 127,271 bitcoin tied to a wanted Chinese national. Although the announcement dropped just five days ago, federal agents had already bagged the stash back in July 2024.

With that hefty addition, data from Arkham Intelligence suggests the U.S. government (USG) could be sitting on a treasure chest of 325,447.12 BTC — a stash worth north of $34 billion. It’s worth noting that Arkham’s data previously pegged the USG’s stash at around 198,000 BTC before the extra 127,271 BTC came into play — but that figure isn’t without controversy.

If the USG really is holding $34 billion worth of bitcoin, that’s quite the hoard — roughly 1.55% of the 21 million bitcoins that will ever exist. Right beneath the United States sits the United Kingdom. Some claim the Chinese government is sitting on 190,000 BTC, but onchain analysts have already torched that theory — pointing out those coins were actually sold off back in 2020.

The government in the U.K. holds a tidy 61,245.01 BTC valued at roughly $6.56 billion, and right below sits the UAE’s Royal Group — a heavyweight conglomerate of around 60 companies tied to Abu Dhabi’s ruling family. At present, UAE Royal Group secures 6,465 BTC valued at $692 million.

Bhutan trails the UAE’s Royal Group with 6,370.64 BTC valued at about $682 million, held through Druk Holdings. Both Royal Group and Druk mine their bitcoin — the UAE firm through Citadel Mining, while Druk teamed up with Bitdeer to stack its share. El Salvador commands a supply of 6,354.18 BTC, as it stands as the fifth-largest government holding BTC. The government’s stash is worth around $680 million using current exchange rates.

For an added bonus, North Korea’s infamous Lazarus Group still clings to roughly 803.93 BTC worth about $86.13 million. That’s a steep drop from March 2025, when the state-backed hacking outfit controlled more than 14,000 BTC across its known wallets. Of course, any of these governments, nation-states, or their affiliates could see their bitcoin tallies challenged.

Case in point: a July FOIA request from The Rage revealed that, on paper, the U.S. Marshals Service said it officially oversees just 29,000 BTC — a far cry from what the flagged wallets suggest. Whether the U.S. government’s bitcoin trove truly tops $34 billion or the official line comes into play, one thing’s clear — nation-states are deep in the crypto game.

From London’s stash to Bhutan’s mining power and North Korea’s shadowy remnants, sovereign players now sit on enough bitcoin to sway markets, spark intrigue, and keep onchain analysts guessing who’s really holding the crown.

• How much bitcoin does the U.S. government hold?
  Estimates suggest the U.S. government controls around 325,447 BTC worth more than $34 billion.
• Which country holds the second-largest bitcoin stash?
  The United Kingdom ranks second with about 61,245 BTC valued at $6.56 billion.
• How did Bhutan and the UAE acquire their bitcoin?
  Both UAE Royal Group and Druk Holdings mine bitcoin, with Bhutan partnering with Bitdeer and the UAE’s Royal Group linked to Citadel Mining.
• What happened to North Korea’s bitcoin holdings?
  Lazarus Group’s holdings dropped from 14,000 BTC in March 2025 to roughly 804 BTC today after dispersing thousands of stolen bitcoin this year.

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