Coinbase Institutional Head: ‘Over 40 Countries Commit to Buying Bitcoin’

Key Takeaways

D’Agostino made the feedback throughout a late June look extensively clipped and shared on X on June 30. He described sovereign curiosity in bitcoin as a quiet, regular pattern moderately than a sequence of grand bulletins.

“We’ve seen over 40 international locations commit to purchasing bitcoin in some vogue for his or her nationwide stability sheets or different,” D’Agostino remarked. “So I’m seeing day by day a deluge of recent institutional traders which can be within the asset class. So I admire people who don’t have that perspective. They’re in search of some grand gesture or grand occasion. However for these of us who’ve the luxurious of being on the within, all we’re seeing is regular development, even when the headlines don’t match that.”

Dedication Versus Confirmed Holdings

D’Agostino’s phrase was dedication, not energetic buying, and public trackers replicate that distinction. Bitcointreasuries.web at present counts roughly 13 authorities entities with confirmed bitcoin holdings, totaling about 649,946 BTC, price near $37.9 billion at current costs.

America holds the most important stack, close to 328,372 BTC, most of it from legislation enforcement seizures and now folded right into a Strategic Bitcoin Reserve created by govt order in 2025. Bitcointreasuries.web knowledge reveals that the UK holds roughly 61,245 BTC, El Salvador about 7,698 BTC, the United Arab Emirates close to 6,420 BTC, and Bhutan near 4,973 BTC, a lot of it tied to state-backed hydropower mining.

A number of the nation holdings listed are contestable. As an illustration, Arkham studies that Bhutan solely holds 1,749.95 BTC after a concession of alleged gross sales. Alongside this, in depth reporting signifies that China holds no bitcoin, regardless of widespread claims that the nation controls greater than 190,000 BTC.

In one other case, studies claiming Ukraine holds 46,000 BTC have additionally been debunked, because the monitoring was erroneously attributed to the “holdings of public officers.” Even the reported determine attributed to the USA could also be considerably inaccurate. Apart from that, broader analysis reveals a wider circle of nations which have moved towards bitcoin with out essentially executing massive purchases.

A River report from late 2025 counted about 23 nation-states with bitcoin publicity via seizures, direct purchases, state-backed mining, or sovereign wealth fund allocations, placing government-controlled provide close to 432,000 BTC, or about 2.1% of all bitcoin in existence.

The place the 40 Determine Seemingly Comes From

D’Agostino’s quantity, as said on CNBC, seems to mix international locations with confirmed holdings and a bigger group that has signaled intent with out but constructing out full buy packages. Many level to examples just like the Czech Nationwide Financial institution’s small treasury take a look at and accumulation by UAE household places of work and sovereign wealth funds as proof the dedication pattern is spreading.

A lot of the most important identified authorities bitcoin got here from seizures moderately than deliberate shopping for. Dedication, in lots of of those circumstances, means a pilot, a coverage proposal, or a said intention to carry bitcoin, not an ongoing open-market buy program.

What This Means for Merchants

A rising record of nations committing to bitcoin, even earlier than massive purchases comply with, provides a structural argument for bitcoin as a reserve asset candidate. That may help long-term institutional curiosity and chip away at bitcoin’s fame as a purely speculative commerce.

Close to-term worth motion nonetheless relies upon extra on exchange-traded fund (ETF) flows, company treasury shopping for, and macro situations than on sovereign commitments that haven’t but became purchases. Merchants looking forward to affirmation of D’Agostino’s declare ought to observe and comply with bulletins from central banks and sovereign wealth funds moderately than treating the 40-country determine as a rely of energetic consumers.