• 10 governments hold 646,681 BTC ($42.9B).

• Equals 3.08% of Bitcoin’s 21M max supply.

• U.S. leads with 328K BTC, largest sovereign holder.

• China follows with 190K BTC.

• UK ranks 3rd; top 3 control 89.6%.

• Ukraine 4th, showing strong institutional exposure.

• El Salvador and Bhutan continue accumulation.

• Bhutan holds a fully Bitcoin-focused treasury.

• Smaller holders include UAE, North Korea, Venezuela.

• Sovereign BTC ownership is highly concentrated, shaping global crypto strategy and institutional adoption.

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