A comprehensive report on nation-state Bitcoin adoption — this brief examines how 27 countries utilize mining, reserves, and wealth funds while 13 pursue legislation, signaling Bitcoin's emergence as a strategic sovereign asset.

"As of May 2025, 27 countries actively hold or use Bitcoin, with 13 more considering proposals. Exposure ranges from reserves and mining to pensions and taxes."

11 countries are engaged in government-backed Bitcoin mining, 7 hold Bitcoin passively, and 4 maintain official strategic reserves.

Other nations have enabled tax payments in Bitcoin, pension purchases, or sovereign wealth fund allocations.

The report goes beyond adoption stats to highlight the benefits first movers are already seeing. One particular proposal deserves special attention from policymakers: Bitcoin-backed bonds.