Bitcoin’s 2025 ascent and the upside delivered by ETFs such as the CoinShares Valkyrie Bitcoin Fund (BRRR) has been attributed to a variety of factors, including increased adoption.
This year, the bitcoin adoption conversation has largely centered around two factors. Those are: institutional buying, including by sponsors of funds like BRRR, and more corporations adding the largest cryptocurrency to their treasuries as an alternative to fiat currencies.
To be sure, those are valid fundamental contributors to bitcoin’s 2025 gains. But arguably lost in the conversation is adoption by various countries. That issue received some attention in recent years, particularly in 2021, when El Salvador declared the digital currency legal tender. Today, the Central American nation is the sixth-largest sovereign holder of bitcoin. But there’s more to the story, and the “more” could hold positive implications for assets such as BRRR.
Some Surprising Countries Are Buying Bitcoin
Combined, the U.S. and China own about 401,200 bitcoin. The world’s two largest economies are the two biggest sovereign owners of the digital asset. The U.K. being third might not surprise market participants. And El Salvador’s embrace of bitcoin has been well-documented. But some surprising nations have been “stealth” accumulators of bitcoin. And that could be a long-term positive for BRRR.
For example, Ukraine and Bhutan combine to own nearly 59,400 bitcoin. They’re the fourth- and fifth-largest sovereign owners of the digital currency, respectively. However, that status isn’t often discussed. For its part, Bhutan is mining its own bitcoin rather than buying it on the open market.
“By 2025, Bhutan is believed to have mined between 12,000 and 13,000 BTC worth $1.1 billion-$1.3 billion. That figure is staggering for a country with a GDP of just over $3 billion. Bhutan’s Bitcoin holdings by the government now represent as much as 30%-40% of its national economy — higher than any other country,” reported Coin Telegraph.
Amassing Increasingly Larger Bitcoin Positions
The publication noted Bulgaria and the United Arab Emirates (UAE) are among the national buyers of bitcoin accumulating stakes “on the down low.” But in the case of UAE, that’s not surprising, because the Middle Eastern nation is emerging as a new crypto hub. As for Bulgaria, it’s believed most of that country’s bitcoin was derived from seizures. And there’s not much clarity on the nation’s current bitcoin holdings.
“Bulgaria’s Bitcoin story dates back to 2017, when authorities reportedly seized over 200,000 BTC in a raid on a cybercrime network. At the time, this haul briefly made Bulgaria one of the most Bitcoin-rich governments on the planet — at least on paper,” according to Coin Telegraph.
The publication adds Finland, Georgia, and Venezuela are also among the countries that have been amassing modest bitcoin positions. That trio holds an estimated 296 bitcoin on a combined basis.
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