Nation-State Bitcoin Adoption Outpaces Individual Growth as Sovereign Holdings Expand, Analyst Says

Nation-state Bitcoin adoption is outpacing individual ownership growth as governments formalize reserve strategies, according to analyst Willy Woo. Approximately 12% of countries now hold Bitcoin, and 8% maintain formal policies to acquire or hold it, compared to an estimated 5% of the global population owning the asset. Sovereign nations holding Bitcoin expanded from two in 2016 to 23 in 2025. During 2025, governments accumulated 135,000 BTC while individuals reduced holdings by 696,000 BTC. The United States leads sovereign reserves with 324,527 BTC valued at nearly $28 billion.