Sovereign BTC by Country

Government Bitcoin holdings broken down by country. Tracks dominant holders (USA from seizures, China estimated, UK estimated, Ukraine from war donations, El Salvador verified purchases, etc.) with confidence badges (Verified on-chain / Estimated aggregator).

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What is it?

A breakdown of government Bitcoin holdings by country of origin. Shows the geographic distribution of sovereign BTC reserves as a stacked area over time.

How to read

Each colored band represents a country's BTC holdings stacked over time. Bands ordered by current holdings (largest at bottom). Legend shows flag + country + color - click to toggle. USA (gold) is dominant due to large seizures (Silk Road, Bitfinex hack). China (red) estimated and uncertain - bands appear after 2019 (PlusToken seizure). Germany (violet) band collapses to zero mid-2024 reflecting the complete BKA sell-off.

Key zones

There is no threshold on this chart: a sovereign holding does not become notable by crossing a level. What reads here is the share. A band taking up most of the stack describes a market whose risk rests on a single state; a stack where several bands are comparable describes a spread holding, where one member exiting does not on its own make a market event. Read the birth and disappearance of bands too: one country entering and another leaving tell more than a total that barely moves.

What to observe

New countries appearing in the stack. Sudden drops may indicate government sell-offs.

Historical context

Germany sold ~50,000 BTC in mid-2024, briefly crashing the market. The US has held seized BTC since 2013.

Expert notes

Geographic concentration creates systemic risk if a major holder liquidates.

Common mistakes to avoid

China's large estimated holdings don't necessarily mean the government supports Bitcoin - most were seized.

Programmatic access

REST API

curl -sS \
  'https://api.trinityinsights.io/api/v1/macro-intelligence/metrics/sovereign-btc-by-country/data?timeframe=90d' \
  -H 'X-API-Key: $TRINITY_API_KEY'

MCP server

{
  "tool": "get_chart_value",
  "metric_id": "sovereign-btc-by-country",
  "timeframe": "1y"
}

Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.

Related metrics

Institutional disclaimer

Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.