Arkham: Government wallets still hold $17.8 billion in Bitcoin

Arkham data shows that multiple governments hold large amounts of Bitcoin, totaling about $17.8 billion at current market prices. The U.S. government holds the largest share of Bitcoin, with its holdings estimated at $12 billion. Much of this cryptocurrency is believed to have been seized in high-profile cases such as the 2013 Silk Road bust and subsequent operations against darknet markets. In 2020, the U.S. Department of Justice seized more than $1 billion worth of Bitcoin associated with Silk Road, one of the largest cryptocurrency confiscations in history. The British government holds about $3.3 billion worth of Bitcoin. In 2021, the Metropolitan Police reported seizing £180 million (about $250 million at the time) in cryptocurrency as part of a money laundering investigation. While the U.K. has been less vocal about its plans for these digital assets, the country's tax authority, HM Revenue and Customs (HMRC), has previously auctioned off seized cryptocurrency. Germany recently made headlines for holding about $2.2 billion worth of Bitcoin. In February 2024, German authorities announced plans to sell around €1 billion ($1.08 billion) worth of cryptocurrencies, primarily Bitcoin. The German government opted for a gradual sales strategy through over-the-counter (OTC) transactions to minimize market impact. The move is one of the largest government cryptocurrency liquidations to date and has been closely watched by market participants and other governments holding seized digital assets. El Salvador has $314 million in Bitcoin in its treasury. The country became the first to adopt Bitcoin as legal tender in 2021 and has since accumulated its Bitcoin holdings through direct purchases and mining operations. El Salvador's approach differs significantly from other governments in that it represents a strategic investment rather than seized assets. (Decrypt)