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- The Quiet Race for Bitcoin Reserves Has Begun
The Quiet Race for Bitcoin Reserves Has Begun
Bitcoin Insights For Professionals
Onramp MENA
March 13, 2025
The world’s most powerful financial players are making their move—faster than most investors realize.
Over one thousand institutional investors have now allocated to bitcoin as indicated by 13F filings.
Sovereign wealth funds are accumulating Bitcoin—some publicly, others in secret.
U.S. states are drafting laws to hold Bitcoin as a treasury reserve.
The U.S. federal government is closer than ever to adopting Bitcoin.
The largest asset managers on the planet are integrating Bitcoin into client portfolios.
Corporations are stacking Bitcoin on their balance sheets as a hedge against monetary uncertainty.
Yet, if you listen to mainstream financial media, you’d think Bitcoin is still a speculative asset, a passing trend.
That couldn’t be further from the truth.
The pace of adoption is accelerating at all levels—government, institutional, and corporate. Consider this:
El Salvador passed the Bitcoin Law in 2021.
Less than four years later, the U.S. President issued an Executive Order, and the Bitcoin Act will soon be reintroduced in Congress and the Senate.
Federal government engagement with Bitcoin has moved from one of the smallest nations to arguably the most influential nation in under four years.
This is not about retail speculation anymore—this is about long-term, strategic accumulation.
In this issue of The Bitcoin Observer, we dive into the numbers, the policies, and the power players who are positioning Bitcoin as a core financial asset for the next decade.
Who’s buying?
How much are they allocating?
What does this mean for investors who aren’t paying attention?
The race has begun.
Bitcoin: From Nation-State Reserve to Institutional Mainstay
Nation-State Bitcoin Adoption: Who’s Buying?
Bitcoin’s role as a reserve asset is quietly gaining momentum at the nation-state level, with governments, sovereign wealth funds, and central banks exploring its strategic benefits.
Confirmed Holdings & Strategic Use Cases:
🇸🇻 El Salvador – The first country to adopt Bitcoin as legal tender, holding 6,089 BTC in reserves.
🇧🇹 Bhutan – Secretly mining Bitcoin through its sovereign wealth fund (DHI), generating an estimated 55–75 BTC per week to diversify its economy.
🇷🇺 Russia & 🇮🇷 Iran – Both nations are actively leveraging Bitcoin for sanctions evasion and trade, with central banks purchasing domestically mined Bitcoin rather than acquiring through open markets.
🇺🇦 Ukraine – Received over $100M in Bitcoin donations during wartime, setting a precedent for governmental use of crypto assets.
🇺🇸 United States of America - Establishment of a Strategic Bitcoin Reserve (see more details below).
💡 Takeaway: Nation-states that are constrained by geopolitical pressures or seeking alternative financial infrastructure are turning to Bitcoin as a neutral, seizure-resistant reserve asset. This trend signals a long-term reallocation away from fiat-based reserves.
Mining Over Open Market Buying?
Some nation-states are more likely to acquire Bitcoin through mining rather than purchasing on public exchanges.
Russian President Vladimir Putin recently addressed Bitcoin directly:
“For example, Bitcoin, who can prohibit it? No one.”
The race for sovereign Bitcoin accumulation is already happening—some just prefer to keep their strategies out of the public eye.
The U.S. Strategic Bitcoin Reserve (SBR): A Policy Shift in Motion
The U.S. federal government has quietly positioned itself to acquire Bitcoin on a large scale—without printing new dollars.
Under the Strategic Bitcoin Reserve (SBR) framework, the U.S. Treasury and U.S. Department of Commerce could acquire Bitcoin in a ‘budget-neutral’ way using existing surplus assets:
$39 billion from surplus Exchange Stabilization Fund (ESF).
$160 billion from selling Special Drawing Rights (SDRs).
$800 billion from gold certificate revaluation.
Total budget-neutral Bitcoin buy: $1 trillion.
This means the U.S. could become the largest Bitcoin-holding nation-state without issuing new debt.
Policy Shift in Action:
The conversation around a Bitcoin Strategic Reserve is accelerating:
Bitcoin Act to be reintroduced in Congress and Senate.
Executive Order already issued, signaling increased government engagement.
Federal reserve discussions on digital asset strategy continue behind closed doors.
💡 Takeaway: The U.S. has the legal and financial structure to accumulate Bitcoin as a strategic asset—whether through treasury operations, state-level initiatives, or sovereign wealth acquisitions.“Bitcoin is the only reserve asset in history that can be self-custodied by a nation without reliance on foreign intermediaries.”
Corporate Bitcoin Adoption: Which Listed Companies Are Putting It on Their Balance Sheet?
165 listed, public companies now hold bitcoin on their balance sheet.
Bitcoin is no longer just a speculative asset for retail investors—it’s now a core component of corporate balance sheets.
Corporations Holding Bitcoin in Treasury:
MicroStrategy – 499,096 BTC (~$41B) | Largest corporate Bitcoin holder.
Tesla – 11,500 BTC (~$918M) | Maintains a strategic position after initial $1.5B buy.
Block (Square) – 8,000 BTC (~$650M) | Continues integrating Bitcoin into financial products.
Marathon Digital – 46,000 BTC (~$3.8B) | Mining company stacking Bitcoin instead of liquidating.
Coinbase, Riot, Hut 8, Galaxy Digital – Publicly traded firms with large Bitcoin holdings.
Who’s Next?
💡 Takeaway: The trend is clear—corporations and financial institutions are actively integrating Bitcoin into their capital strategy.
Bitcoin in Asset Management: ETFs, AUM, and Portfolio Allocations
Leading Asset Managers Engaging with Bitcoin
BlackRock – Reports sovereign wealth funds are considering 2-5% Bitcoin allocations
Fidelity – Managing Bitcoin for institutional clients & integrating into 401(k) retirement plans.
Wisconsin’s State Investment Fund – One of the first public pension funds to invest in Bitcoin ETFs (~$588M allocation).
💡 Takeaway: Bitcoin is becoming a strategic component of institutional portfolios—with ETF adoption paving the way for significant sovereign fund and pension allocations.
The Big Picture: Bitcoin Is Becoming Systemically Relevant
Key Takeaways:
3 nation-states (El Salvador, Bhutan, CAR) actively hold or mine Bitcoin.
Over 15 U.S. states are pushing forward Bitcoin reserve legislation.
More than 550,000 BTC are held in corporate balance sheets.
Trillions in AUM are gaining Bitcoin exposure through ETFs, hedge funds, and sovereign wealth allocations.
Why It Matters:
Bitcoin is no longer a speculative fringe asset—it is becoming a core part of global financial infrastructure.
For HNWI, family offices, and institutional investors, the question is no longer “Should I own Bitcoin?” but rather “How much should I allocate?”
From Institutional Adoption to Sovereign Reserves—The Next Phase of Bitcoin’s Ascent
The last four years have reshaped Bitcoin’s role in global finance.
In 2021, El Salvador made history as the first nation to adopt Bitcoin as legal tender.
By 2024, Bitcoin ETFs unlocked institutional adoption, and sovereign wealth funds began discreetly allocating capital.
Now, in 2025, the conversation has shifted: Will central banks make their move next?
The U.S. government already has the legal and financial structure in place to acquire Bitcoin on a trillion-dollar scale—without issuing new debt. Sovereign wealth funds are positioning between 2-5% of their assets into Bitcoin ETFs.
The signs are everywhere: Bitcoin is becoming systemically relevant. The question is no longer whether nation-states will adopt Bitcoin, but which one will be next—and how soon.
We’ll be tracking these developments closely.
📩 What’s your take? Will 2025 be the year we see a major central bank officially enter the Bitcoin market? Reply to this email or share your thoughts on LinkedIn / X.
Thinking about Bitcoin’s role in your portfolio?
🔗 Connect with the Onramp MENA team or book a consultation to learn more about Bitcoin’s place in global reserves and multi-institution custody solutions.
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