- China holds about 194K BTC from the PlusToken seizure and trails the US by a narrow margin.
- US Bitcoin totals vary by source, as agencies classify seized assets under reserve models.
- China keeps seizing untouched Bitcoin, as state strategy differs from public crypto policy.
China is nearing the United States as the world’s largest government Bitcoin holder, despite enforcing a nationwide cryptocurrency ban since 2021. Recent reports estimate China’s holdings to be approximately 194,000 BTC, placing them roughly 4,000 BTC below the U.S. total of about 198,000 BTC. Some estimates place U.S. government holdings higher, near 328,000 BTC, depending on accounting methods and asset classifications.
China’s Bitcoin Holdings Near U.S. Levels
China’s estimated 194,000 BTC largely traces back to the 2019 PlusToken case, one of the largest crypto fraud seizures on record. Authorities dismantled the PlusToken Ponzi scheme and transferred recovered Bitcoin into state-controlled wallets.
Source: X
Since then, those assets appear to have remained intact rather than being sold, allowing holdings to persist. As a result, China’s Bitcoin total now rivals U.S. government reserves by some estimates. The difference stands near 4,000 BTC when using lower U.S. figures cited in recent reports.
This comparison places both countries far ahead of other governments in Bitcoin holdings.
Meanwhile, reporting discrepancies continue to shape the debate. Some data sets include additional U.S. assets tied to ongoing investigations or strategic reserves. Even so, China’s position near the top remains consistent across multiple tracking sources.
Policy Ban Versus State-Level Accumulation
China has enforced a broad crypto ban since 2021, covering the activities of trading and mining and the operation of exchange services. The country prohibits both retail investors and institutional investors from participating in crypto activities. Chinese mining operations, which used to dominate the sector, have now moved to other locations because of government regulations.
The government possesses significant Bitcoin holdings, which the rules do not permit them to control. Law enforcement seizures form the basis of the accumulation because no market activity contributed to it. This separation between public policy and state custody defines China’s current stance.
Analysts often describe the holdings as strategic assets held quietly by the state. One analyst said Bitcoin still appeals to governments as a store of value. The analyst added that bans do not erase Bitcoin’s attractiveness at the sovereign level.
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Global Context and U.S. Comparisons
In contrast, U.S. Bitcoin holdings also come primarily from federal seizures. These include assets tied to darknet markets and major cybercrime cases. U.S. agencies now manage these assets under more structured custody frameworks.
Some U.S. policies treat Bitcoin as part of a broader sovereign reserve strategy. This approach has formalized how seized digital assets remain on balance sheets. As a result, U.S. totals vary depending on classification and disclosure. China’s growing economic strength has captured the interest of international financial markets.
Investors and analysts now track government Bitcoin holdings as indicators of strategic interest. State-held Bitcoin has become a clearer measure of global adoption dynamics as China approaches U.S. Bitcoin ownership levels.
China’s growing Bitcoin holdings reveal a widening gap between public crypto policy and state financial strategy. While the ban remains firm, seized BTC stays untouched. As China nears U.S. levels, government-held Bitcoin now signals strategic positioning rather than retail adoption, prompting markets to watch sovereign crypto balances more closely.
