"NO LEVERS LEFT TO PULL" | A Former Credit Suisse Risk Officer on Bitcoin, Debt, and Digital Credit

Mark Connors spent 40 years in finance, from Salomon Brothers in 1986 to Global Head of Portfolio and Risk at Credit Suisse. Today through Risk Dimensions, he helps TradFi allocators think through Bitcoin. His conclusion after four decades: the debt treadmill never stops, and Bitcoin is the only terra firma left.

Government Bitcoin Holdings

Monitor government Bitcoin holdings globally. Track BTC reserves held by countries, states, and government agencies with detailed acquisition data.

BTC Held by Government Entities

649,901

$50.75B

Number of Government Entities

13

BTC Price

$78,090

Asset Dominance

95.4%
BTC 95.4% ETH 3.9% SOL .42% BNB .12% XRP .16%

Governments and Countries Ranked by Bitcoin Holdings

#
Name BitcoinTreasuries logo
1 🇺🇸
328,372
$25,643M
1.564%
2 🇨🇳
190,000
$14,837M
0.905%
3 🇬🇧
61,245
$4,783M
0.292%
4 🇺🇦
46,351
$3,620M
0.221%
5 🇸🇻
7,653
$598M
0.036%
6 🇦🇪
6,420
$501M
0.031%
7 🇧🇹
4,973
$388M
0.024%
8 🇰🇿
3,544
$277M
0.017%
9 🇰🇵
803
$63M
0.004%
10 🇻🇪
240
$19M
0.001%
11 🇹🇼
210
$16M
0.001%
12 🇫🇮
90
$7M
0.000%
13 🇺🇸
0
$0M
0.000%
14 🇧🇬
0
$0M
0.000%
15 🇩🇪
0
$0M
0.000%
Total:
649,901
$50,751M
3.095%

Other Digital Assets Tracked

Distribution of Bitcoin Over Time

This chart shows the distribution of Bitcoin over time for all tracked entity groups.

Current Bitcoin Distribution

Visual representation of the Bitcoin supply, showing the distribution among all tracked entities.

Bitcoin Treasuries Treemap ChartVisualization of Bitcoin holdings across different types of entities. Size represents relative BTC holdings amount.Public CompaniesPrivate CompaniesETFs & FundsGovernment EntitiesDeFiStrategy818,869 BTCTwenty One Capital43,514 BTCMetaplanet Inc.40,177 BTCMARA Holdings, Inc.35,303 BTCBitcoin Standard T…30,021 BTCBullish24,300 BTCCoinbase Global, I…16,492 BTCRiot Platforms, In…15,680 BTCStrive15,009 BTCHut 8 Mining Corp13,696 BTCCleanSpark, Inc.13,561 BTCTesla, Inc.11,509 BTCTrump Media & Tech…9,542 BTCBlock, Inc.9,032 BTCGD Culture Group7,500 BTCAmerican Bitcoin C…7,300 BTCGalaxy Digital Hol…6,894 BTCNext Technology Ho…5,833 BTCProCap Financial5,457 BTCNakamoto Inc5,058 BTCGemini Space Stati…4,619 BTCBoyaa Interactive …4,091 BTCOranjeBTC3,732 BTCBitcoin Group SE3,605 BTCCapital B2,943 BTCEmpery Digital2,914 BTCThe Smarter Web Co…2,840 BTCCore Scientific2,537 BTCKeel Infrastructur…2,469 BTCDeFi Technologies2,452 BTCDDC Enterprise Lim…2,383 BTCMicrocloud Hologram2,353 BTCCanaan Inc.1,826 BTCBitFuFu Inc.1,794 BTCNEXON Co., Ltd.1,717 BTCBitGo Holdings, In…1,673 BTCCipher Mining1,500 BTCRemixpoint1,491 BTCAnap Holdings Inc.1,423 BTCSequans Communicat…1,114 BTCTreasury1,111 BTCH100 Group1,051 BTCZOOZ Power1,036 BTCCango Inc1,026 BTCKULR Technology Gr…1,021 BTCNano Labs1,000 BTCUSBC, Inc.1,000 BTCApimeds Pharmaceut…1,000 BTCMing Shing Group833 BTCFold Holdings Inc.826 BTCYueda Digital Hold…819 BTCSOS Limited803 BTCFigma Inc767 BTCConvano Inc763 BTCBitcoin Treasury C…755 BTCAker ASA754 BTCCIMG Inc730 BTCHyperscale Data675 BTCSatsuma Technology668 BTCExodus Movement, I…628 BTCAlliance Resource …618 BTCMéliuz605 BTCMercadoLibre, Inc. 570 BTCbitmax551 BTCSamara Asset Group540 BTCFigure Technology …527 BTCPhoenix Group PLC514 BTCDigitalX504 BTCHIVE Digital Techn…481 BTC3U Holding AG427 BTCNeptune Digital As…420 BTCVirtu Financial, I…410 BTCDMG Blockchain Sol…398 BTCNet Holding A.S.352 BTCConsensus Mining &…350 BTCLM Funding America341 BTCAngel Studios, Inc.303 BTCPOP Culture Group …300 BTCBitplanet300 BTCS-Science296 BTCThe9 Limited285 BTCLQWD Technologies …267 BTCCoinshares Interna…236 BTCWEMADE223 BTCVanadi Coffee, SA213 BTCRumble Inc.211 BTCParataxis Korea200 BTCBitMine199 BTCBTCS S.A.199 BTCCoinsilium182 BTCMatador Technologie…175 BTCBitcoin Treasury Cap…169 BTCB HODL166 BTCThe Brooker Group165 BTCFRMO Corp.159 BTCSixty-Six Capital …149 BTCK33 AB141 BTCVaultz Capital135 BTCHorizon Kinetics H…132 BTCMac House125 BTCBitcoin Depot 108 BTCNeowiz holdings104 BTCJiuzi Holdings Inc100 BTCPhoenix Digital As…99 BTCLion Group Holding88 BTCK Wave Media88 BTCBelgravia Hartford…83 BTCWinland Holdings C…83 BTCGumi Inc80 BTCLondon Bitcoin Comp…80 BTCYUXING78 BTCRSXYZ PCL75 BTCCircle Internet Group, …73 BTCBitcoin Well Inc69 BTCStack BTC Plc68 BTCBIGG Digital Asset…68 BTCSBC Medical Group …66 BTCXCE-Connecting Exc…63 BTCACE Digital59 BTCATAI Life Sciences…58 BTCCathedra Bitcoin I…53 BTCMogo Inc.50 BTCLinekong Interacti…44 BTCRobin Energy44 BTCLiveOne Inc43 BTCMoon Inc42 BTCWonderFi40 BTCAutris36 BTCSATO Technologies Corp36 BTCCrypto Blockchain Industries31 BTCaifinyo AG31 BTCValue Creation Co., Ltd.30 BTCAsiaStrategy30 BTCLib Work30 BTCFragbite Group29 BTCPlanet Ventures In…29 BTCBD Multimedia27 BTCGoodfood Market Co…25 BTCAI Fusion Capital …25 BTCKontrol Technologi…24 BTCSphere 3D23 BTCDevvStream22 BTCJetking Infotrain …21 BTCMurano Global Inve…21 BTCInvestview, Inc.20 BTCHamak Gold20 BTCFalconedge19 BTCThumzup Media Corporation19 BTCBIT Mining Limited19 BTCCDT Equity Inc18 BTCMBK18 BTCDigihost Technolog…17 BTCAthena Bitcoin Glo…17 BTCiPower inc15 BTCBlock.one164,000 BTCTether Holdings Li…97,141 BTCStone Ridge Holdin…10,000 BTCSpaceX8,285 BTCThe Tezos Foundati…2,903 BTCIonic Digital Inc.2,662 BTCZap Solutions, Inc…1,500 BTCGIGA Inc.1,252 BTCRiver Financial In…478 BTCMelanion Digital342 BTCSteak 'n Shake162 BTCMeanwhile Incorpor…123 BTCEvertz Pharma100 BTCRoxom Global98 BTCReal Bedford FC Ltd83 BTCRelai30 BTCStacking Sats Inc28 BTCPepperoni Software18 BTCJAN312 BTCiShares Bitcoin Trust818,147 BTCFidelity Wise Origin Bitcoin Fund185,798 BTCGrayscale Bitcoin Trust150,744 BTCGrayscale Bitcoin …53,002 BTCBitwise Bitcoin ETF38,501 BTCARK 21Shares Bitco…37,645 BTCCoinShares Physica…20,297 BTCCoinShares Bitcoin…20,085 BTCPurpose Bitcoin ETF19,170 BTCWisdomTree Physica…17,449 BTCVanEck Bitcoin Tru…16,948 BTCiShares Bitcoin ETP13,926 BTCFidelity Advantage…13,401 BTCBitwise Physical Bit…11,266 BTCBitwise 10 Crypto …8,530 BTC21Shares Bitcoin E…8,195 BTCVanEck Bitcoin ETN8,195 BTCCI Galaxy Bitcoin …8,016 BTCInvesco Galaxy Bit…6,760 BTCCoinShares Valkyri…6,410 BTCFranklin Bitcoin E…6,331 BTCHashdex Nasdaq Cry…5,440 BTCInvesco Physical B…4,402 BTC3iQ The Bitcoin Fu…4,336 BTCGrayscale Digital …4,188 BTCWisdomTree Bitcoin…3,746 BTCCI Galaxy Bitcoin …2,868 BTCMorgan Stanley Bitc…2,620 BTCChinaAMC Bitcoin ETF2,603 BTCEvolve Bitcoin ETF2,558 BTC3iQ Bitcoin ETF2,339 BTCHashdex Nasdaq Bit…1,545 BTCBitwise Core Bitco…1,480 BTCGlobal X 21Shares …1,447 BTCETF QR Asset1,386 BTCMonochrome Bitcoin…1,304 BTCBosera HashKey Bit…1,224 BTCHarvest Bitcoin Sp…995 BTCOsprey Bitcoin Tru…946 BTC21Shares Bitcoin a…269 BTCDDA Physical Bitco…214 BTCIncrementum Digita…197 BTCHashdex Bitcoin ETF135 BTCUnited States328,372 BTCChina190,000 BTCUnited Kingdom61,245 BTCUkraine (holdings …46,351 BTCEl Salvador7,653 BTCUnited Arab Emirat…6,420 BTCBhutan4,973 BTCKazakhstan3,544 BTCNorth Korea803 BTCVenezuela240 BTCTaiwan210 BTCFinland90 BTCWrapped BTC125,330 BTCcbBTC87,668 BTCBTCB65,301 BTCCasascius Coins34,808 BTCLombard Protocol (L…11,780 BTCFunction (FBTC)10,930 BTCSolv Protocol Bitc…8,643 BTCAvalon Labs6,997 BTCThreshold Bitcoin5,941 BTCLightning Network …5,057 BTCsBTC4,370 BTCLiquid4,327 BTCAvalanche Bridged …4,156 BTCRootstock2,696 BTCTzBTC829 BTCzBTC (Zeus Network)513 BTCXapo38,931 BTCMt. Gox34,504 BTCRiver (Exchange)25,355 BTCBitMEX15,432 BTC