The report identified active Bitcoin exposure in 27 countries, while 13 have proposed legislation to gain such exposure.
The numbers reflect overlapping categories, as some nations pursue multiple approaches simultaneously. Argentina operates government-backed mining using flared gas while proposing legislation for a strategic reserve.
The United Arab Emirates (UAE) employs three active exposure methods: government-backed mining, sovereign wealth fund investments in Bitcoin ETFs, and tax payment acceptance.
Strategic Bitcoin Reserves (SBR) represent the most common approach, with 16 countries having proposed or enacted such policies.
Trump’s executive order established federal policy of retaining rather than selling seized Bitcoin holdings, citing $17 billion in potential gains that would have been missed from previous liquidations.
Arizona, New Hampshire, and Texas have codified state-level reserves into law, with dozens more states considering similar measures.
Besides the idea of an SBR, government-backed Bitcoin mining ranks as the second most prevalent method, with 14 countries actively or proposing such operations.
Ten nations currently mine through electricity provision arrangements that generate profit-sharing Bitcoin accumulation. Argentina, Bhutan, El Salvador, Ethiopia, Iran, North Korea, Oman, Russia, the UAE, and Venezuela all maintain or previously operated government mining programs.
Seven countries hold Bitcoin through passive holdings, comprising seized cryptocurrency that governments have chosen not to sell. Bulgaria, China, Finland, Georgia, India, the United Kingdom, and Venezuela maintain such holdings, with Finland specifically retaining coins pending court rulings.
Four countries accept tax payments in Bitcoin across various jurisdictions. Panama City, the Swiss cantons, Dubai, and Colorado state allow Bitcoin tax payments, with Vancouver, Canada, proposing similar legislation.
Internationally, Japan’s government pension fund is exploring direct investment, and South Korea’s fund holds substantial Strategic allocations.
The report positioned Bitcoin adoption as a “game-theoretic race” among nations seeking alternatives to traditional reserve assets. Countries view Bitcoin as a complement to gold reserves, providing digital portability advantages over physical assets.
The authors argue that Bitcoin offers sanctions-resistant properties and enables direct international payments without dollar intermediation.
Adoption momentum has accelerated markedly since Trump’s election, with exposure events spiking from sporadic pre-2020 activity to over 50 events in early 2025.
The report concluded that major powers across continents now engage with Bitcoin as a macroeconomic asset, making a reversal unlikely.
