TheNewsCrypto posts top government Bitcoin holders

TheNewsCrypto posted a graphic on X on May 23 asking, “what happens if they sell?” and listing governments it said were among the biggest Bitcoin holders. The post touched a familiar crypto fault line: many of the world’s largest state-linked Bitcoin piles did not come from treasury buying programs, but from seizures in criminal cases, court forfeitures, mining operations or donations. (coingecko.com) Public trackers now put the United States, China and the United Kingdom at the top of the list, though the legal status and disposition of some holdings remain uneven across countries. CoinGecko’s live government treasury page currently tracks 13 governments with a combined 619,463 BTC, worth about $47.5 billion at current prices. (whitehouse.gov) Its table lists the United States at 329,693 BTC, China at 190,000 BTC, the United Kingdom at 61,245 BTC, Bhutan at 10,769 BTC and El Salvador at 7,474 BTC. ### Which countries are actually at the top of the list? CoinGecko’s current ranking puts the United States first by a wide margin. The same page lists China second and the United Kingdom third, with smaller but still material holdings in Bhutan and El Salvador. (coingecko.com) An April 2026 CoinGecko research note described the same pattern in broader terms, saying governments collectively held more than 463,741 BTC as of April 2025 and that the biggest pools came from seizures, mining, active purchases and donations. That note said the U.S. remained the largest holder, China the second-largest, and the U.K. held 61,000 BTC from crime-related seizures. (coingecko.com) ### Why are these government balances so hard to compare? Government Bitcoin is not one category. The White House’s March 6, 2025 order creating a U.S. Strategic Bitcoin Reserve says the reserve is to be capitalized with BTC held by the Treasury that was “finally forfeited” in criminal or civil asset forfeiture proceedings and not otherwise needed for statutory purposes. (coingecko.com) CoinGecko’s research note says other countries built their holdings through different channels. It describes Bhutan’s stash as mined with hydroelectric power, El Salvador’s as active state purchases, and Ukraine’s as donations that were later liquidated for military and humanitarian use. (coingecko.com) That means a chart of “top government holders” can combine assets that are legally owned, temporarily controlled, earmarked for victims, or already subject to sale plans. TheNewsCrypto’s graphic reflected that mix by grouping together state buys, seizure-driven holdings and China as a “wildcard,” rather than a fully transparent reserve. (whitehouse.gov) The X post itself did not provide methodology or dollar totals. ### Why does China keep showing up as a wildcard? China’s position rests largely on the PlusToken case. Arkham’s 2026 research note says Chinese authorities confiscated 194,775 BTC from operators of the PlusToken Ponzi scheme in November 2020. (coingecko.com) CoinGecko’s April 2026 note says China still holds about 194,000 BTC and that the government has been “tight-lipped on future plans.” That uncertainty is why China is often treated differently from countries with explicit reserve policies or official purchase programs. (coingecko.com) ### What is the U.S. policy if those coins are sold? President Donald Trump’s March 6, 2025 executive order says U.S. government BTC deposited into the Strategic Bitcoin Reserve “shall not be sold” and is to be maintained as a reserve asset. The order also directed agencies to review transfers of government-held BTC into the reserve within 30 days. (info.arkm.com) That language matters because it separates current U.S. policy from the question posed in TheNewsCrypto’s post. For the U.S. portion of the list, the standing White House order is to hold reserve BTC rather than sell it. (coingecko.com) ### Which countries on these lists bought Bitcoin on purpose? El Salvador is the clearest case of an explicit national buying program. CoinGecko’s April 2026 note says El Salvador had increased reserves to 6,135 BTC as of April 2025 and continued to buy 1 BTC daily as part of President Nayib Bukele’s strategy. (whitehouse.gov) Bhutan is different again. CoinGecko says Bhutan accumulated Bitcoin through state-linked mining rather than seizures or open-market purchases, making it one of the few governments on these lists whose stash came from production. (whitehouse.gov) CoinGecko’s live tracker remains the easiest public reference point for the next update to this story, with the United States, China, the United Kingdom, Bhutan and El Salvador still listed among the largest government holders as of May 24, 2026. (coingecko.com 1) (coingecko.com 2)