Over 13 nations are now confirmed to hold the cryptocurrency, however, El Salvador stands out as the only country to make direct Bitcoin purchases, according to a report by River, a Bitcoin exchange.

The United States leads with 208,100 BTC, representing 67.9% of total nation-state holdings. Most of the U.S. government’s Bitcoin holdings were seized in criminal cases, including 50,676 BTC confiscated from the Silk Road hacker in 2022 and 94,636 BTC tied to the 2016 Bitfinex hack.

The United Kingdom follows with 61,200 BTC, while China holds 15,000 BTC, also largely obtained through enforcement actions.

Countries like Bhutan, Norway, and Switzerland have taken more discreet paths. Bhutan and Ethiopia, for instance, rely on state-funded mining operations to accumulate Bitcoin, while Norway uses its sovereign wealth fund to gain exposure.

“Buying Bitcoin directly comes with political risks and is more difficult to carry out in secret,” the report states. “Instead, there are more private and strategic options available to stack Bitcoin.”

El Salvador stands out as the only exception. President Nayib Bukele’s government has purchased 5,900 BTC, alongside operating minor mining operations.

On Dec. 5, Bukele shared a screenshot of El Salvador’s Bitcoin holdings on X (formerly Twitter). The screenshot revealed that El Salvador's Bitcoin reserves are now worth $603.34 million, reflecting a 117.74% increase in value year-to-date. The country’s total profits stand at $333.59 million from an initial investment of $269.74 million, driven by Bitcoin’s recent surge past $100,000.

River’s report also notes that 47 nations have improved access to Bitcoin since 2020, while only four have imposed stricter regulations.

IMF Scrutiny

El Salvador’s Bitcoin journey began in 2021 when it became the first country to adopt Bitcoin as legal tender.

The move aimed to attract investment and promote financial inclusion but drew criticism from international institutions like the International Monetary Fund (IMF). The IMF warned of risks to financial stability and urged the government to end its mandatory Bitcoin acceptance policy.

On Dec. 9, the Financial Times reported that El Salvador is currently negotiating a $1.3 billion loan package with the IMF. As part of the deal, Bukele’s government would make Bitcoin adoption voluntary for businesses instead of mandatory.

Other conditions include reducing the budget deficit by 3.5% of GDP over three years, increasing reserves from $11 billion to $15 billion, and implementing anti-corruption measures.

If finalized, the IMF agreement could unlock an additional $2 billion in funding from the World Bank and Inter-American Development Bank.