A brand new Bitcoin Coverage Institute (BPI) report argues that nation-state engagement with Bitcoin has moved past legal-tender experiments right into a broader set of “publicity” pathways—from strategic reserves and sovereign mining to pensions, sovereign wealth funds and tax acceptance—marking what the authors describe as a game-theoretic race amongst governments.
Nation-State Bitcoin Adoption Accelerates
The examine, authored by Jake Langenkamp and Renee Sorchik and on September 22, 2025, concludes that “27 international locations at present have some measure of publicity to bitcoin—roughly one in seven worldwide,” with an extra “13 international locations [that] have proposed adoption measures by way of laws or coverage initiatives.”
The report is express about scope and definitions. “Publicity was outlined as any official path a authorities could take to personal, earn, or usually profit from bitcoin,” a framework that intentionally seems to be past the slim query of authorized tender to seize the variety of sovereign approaches now evident throughout areas and political programs.
The authors deal with sub-national pilots—comparable to state-level reserves or municipal tax applications—as legitimate situations of nation-state publicity as a result of they will scale into nationwide coverage. Knowledge assortment closed on June 6, 2025, with first-half 2025 occasions aggregated as a single interval to mirror the late-quarter cadence of bulletins.
The topline counts underpin a bigger narrative of acceleration. As of end-Might 2025, the dataset covers “32 international locations—roughly one out of each six nations on Earth—[that] both already had bitcoin publicity or was actively pursuing it by way of laws or coverage,” subdivided into 27 energetic and 13 proposed. The authors warning that classes can overlap, with particular person international locations showing in a number of modalities; the United Arab Emirates, for instance, is famous as combining government-backed mining, sovereign wealth fund ETF purchases, and tax acceptance.
Modalities cluster round a couple of dominant channels. Counting each energetic and proposed, the most typical is a Strategic Bitcoin Reserve (SBR), recognized in 16 international locations, adopted by government-backed mining (14).
Passive holdings—sometimes seized property that authorities have elected to not promote—are recorded in seven international locations, whereas 5 international locations settle for sure taxes in bitcoin. Authorities cash managers seem on each side of the steadiness sheet: 4 pension programs and three sovereign wealth funds present direct or oblique publicity, together with by way of fairness in BTC-treasury corporations.
Two international locations are recorded for prior legal-tender standing (El Salvador and the Central African Republic), and a handful of country-specific outliers embrace a government-backed crypto alternate pilot (Russia), a particular financial zone recognizing bitcoin as a unit of account (Honduras), and using seized BTC for public debt (North Korea).
Totally different Choices For Bitcoin Publicity
The authors disaggregate what’s energetic in the present day versus what stays on the drafting board. Amongst energetic exposures, they determine 11 international locations with government-backed mining, seven with passive holdings, 4 with SBRs, 4 taking tax funds in bitcoin, and sovereign wealth funds or pensions in a smaller however notable position. Proposed measures skew much more closely towards SBRs: “12 of the 13 international locations” with proposals goal a reserve mannequin, alongside restricted proposals for mining, pensions and tax acceptance.
A brief checklist illustrates the reserve spectrum the report captures. “4 international locations have been categorised as having energetic strategic bitcoin reserves.” In the US and El Salvador, reserves are “extra conventional,” with direct holding and/or accumulation. Against this, the central banks of Switzerland and Saudi Arabia are categorised as having oblique reserves by way of “massive positions in MSTR,” reflecting the authors’ broader definition of oblique publicity by way of fairness in bitcoin-treasury corporations.
The examine situates El Salvador as an early legal-tender mover that subsequently emphasised balance-sheet accumulation. It recounts that El Salvador “has amassed roughly 6,100 BTC,” and notes coverage changes round service provider acceptance, underscoring the authors’ level that authorized tender is just one, and never essentially essentially the most sturdy, channel for nationwide adoption. “As these examples present, authorized tender standing isn’t the one route for nation state adoption. Sovereign custody, institutional buying, and strategic program design could show extra sturdy paths.”
America anchors a separate thread within the dataset. The authors describe US President Donald Trump’s Govt Order that “differentiated bitcoin from different cryptocurrencies and set a coverage of retaining, quite than promoting, bitcoin holdings,” framing an SBR structure and, per the report’s government abstract, catalyzing copy-cat proposals overseas. They add that “sixteen nations have now proposed or enacted laws for SBRs in an identical context to the US,” and that a number of North American municipalities and worldwide cities have moved to simply accept taxes in BTC.
Passive holdings, whereas not proactive coverage, are handled as policy-relevant as a result of non-liquidation indicators an evolving treasury stance. The report lists Bulgaria, China, Finland, Georgia, India, the UK and Venezuela as international locations with seized BTC presumed to stay on authorities books. “Whereas accumulation by way of seizure isn’t a proactive technique, the noteworthy facet of passive holdings is that they’ve but offered the bitcoin,” the authors write.
The taxonomy is complemented by a methodological word on inclusions and exclusions. Rumors and campaign-only guarantees are filtered out, and the examine introduces a direct versus oblique publicity lens: direct holdings, ETFs or mining on one aspect; on the opposite, exposures “comparable to fairness positions in bitcoin-treasury corporations like MicroStrategy (MSTR).” This framework permits Switzerland and Saudi Arabia to seem as reserve holders regardless of the route being portfolio fairness quite than on-chain cash.
The report’s conclusion elevates the macro implications. Bitcoin, it argues, is “a brand new macroeconomic asset, the primary of its form in additional than a century.” Early adopters could reap portfolio and financing benefits: the authors talk about “Bit-Bonds,” wherein BTC capabilities as partial collateral to draw institutional demand and probably decrease sovereign borrowing prices, and posit that bitcoin-based settlement bridges may cut back cross-border frictions. The underlying thesis is that momentum in 2024–2025—captured within the examine’s timeline and counts—makes a wholesale reversal inconceivable as extra jurisdictions institutionalize bitcoin in public-finance workflows.
At press time, BTC traded at $112,490.
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