According to a Bitcoin Policy Institute report, active Bitcoin exposure was identified in 27 nations, while 13 more have proposed legislation to gain such exposure.
Active exposure to Bitcoin (BTC) is being pursued by 32 nations through legislation, a figure representing roughly one in six countries worldwide, according to a Bitcoin Policy Institute report published on September 22.
A rapid acceleration in government adoption was documented by the study, following President Donald Trump’s election and his subsequent executive order establishing a US Strategic Bitcoin Reserve.
According to a report from the Bitcoin Policy Institute, active Bitcoin exposure was identified in 27 countries, while 13 have proposed legislation to gain such exposure.
Overlapping categories are reflected by the figures, as some nations pursue multiple approaches simultaneously. Argentina operates government-backed mining using flared gas while proposing legislation for a strategic reserve.
Three active exposure methods are utilized by the United Arab Emirates (UAE): government-backed mining, sovereign wealth fund investments in Bitcoin ETFs, and tax payment acceptance.
Strategic Bitcoin Reserves Emerge as the Go-To Play
Strategic Bitcoin Reserves (SBR) represent the most common approach, with such policies being proposed or enacted by 16 countries.
Trump’s executive order created a federal policy to retain rather than sell seized Bitcoin holdings, citing $17 billion in potential gains that would have been forfeited from previous liquidations.
State-level reserves have been codified into law by Arizona, New Hampshire, and Texas, with dozens more states considering similar measures.
Besides the idea of an SBR, government-backed Bitcoin mining is considered the second most prevalent method, with 14 countries actively or proposing such operations.
Exploration Supported by the Government
Government-sponsored mining programs are or were operated by ten nations, including Argentina, Bhutan, El Salvador, Ethiopia, Iran, North Korea, Oman, Russia, the UAE, and Venezuela. These arrangements are tied to electricity provision and generate profit-sharing Bitcoin accumulation.
Passive Bitcoin holdings, which are comprised of seized cryptocurrency that governments have chosen not to sell, are held by seven countries. These include Bulgaria, China, Finland, Georgia, India, the United Kingdom, and Venezuela, with Finland specifically retaining coins pending court rulings.
Four countries accept tax payments in Bitcoin across various jurisdictions. These include Panama City, the Swiss cantons, Dubai, and Colorado state, while similar legislation is being proposed by Vancouver, Canada.
Additional exposure avenues are provided by government pension funds and sovereign wealth funds. Michigan’s state pension fund invested directly in Bitcoin, while 17 other state pension funds maintain indirect exposure through Strategy holdings.
Direct investment is being explored by Japan’s government pension fund, and South Korea’s fund holds substantial strategic allocations.
Race Through Game Theory
Bitcoin adoption was positioned by the report 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.
It is argued by the authors that Bitcoin offers sanctions-resistant properties and enables direct international payments without dollar intermediation.
The momentum of adoption has been markedly accelerated since Trump’s election, with exposure events growing from sporadic pre-2020 activity to over 50 in early 2025.
It was concluded by the report that major powers across continents now engage with Bitcoin as a macroeconomic asset, making a reversal unlikely.
