Coinbase Executive Says More Than 40 Countries Are Weighing Bitcoin as Strategic Asset

More than 40 countries are exploring plans to incorporate Bitcoin into strategic state assets, according to an analysis.

John D'Agostino, Coinbase's head of institutional strategy, told Katena on July 2 that more than 40 countries are considering adding Bitcoin to state investment frameworks, including national balance sheets and sovereign wealth funds.

Most governments are advancing those plans quietly rather than publicly disclosing large Bitcoin purchases, he said. D'Agostino added that policy initiatives should be distinguished from actual large-scale sovereign Bitcoin holdings.

About 13 countries are publicly known to hold Bitcoin, including the US, the UK, El Salvador, Bhutan and the United Arab Emirates. Many of those holdings were acquired through criminal asset seizures, direct purchases or state-backed mining.

The US is regarded as the largest sovereign Bitcoin holder after launching a Strategic Bitcoin Reserve. Still, some countries do not disclose their holdings, meaning actual government-owned Bitcoin stockpiles may exceed publicly known figures.

The market view is that sovereign adoption of Bitcoin will unfold gradually through pilot programs, legislation, strategic reserve discussions and sovereign wealth fund investments, rather than leading immediately to large-scale purchases.

Even so, the widening debate over adding Bitcoin to strategic assets points to broader recognition of the token as a reserve asset. Over time, rising government participation could emerge as another source of demand alongside spot exchange-traded funds and corporate treasury strategies.