Coinbase executive says 40 countries eye Bitcoin

• Coinbase's institutional strategy head said more than 40 countries have committed to buying Bitcoin in some form for national balance sheets.
• Publicly verified data confirms about 13 governments hold Bitcoin, while many reported commitments have not yet resulted in purchases.
• The comments highlight growing sovereign interest, although analysts say traders should distinguish policy intentions from confirmed acquisitions.

Coinbase Head of Institutional Strategy John D'Agostino said more than 40 countries have committed to acquiring Bitcoin (CRYPTO:BTC) in some form for national balance sheets, though publicly confirmed holdings remain significantly lower.

Public tracking data identifies about 13 governments with confirmed Bitcoin holdings totalling roughly 649,946 BTC, valued at about US$37.9 billion, while D'Agostino referred to commitments rather than completed purchases.

“We’ve seen over 40 countries commit to buying bitcoin in some fashion for their national balance sheets or other,” said Coinbase Head of Institutional Strategy John D'Agostino.

The United States holds the largest confirmed government Bitcoin reserve with about 328,372 BTC, followed by the United Kingdom, El Salvador, the United Arab Emirates and Bhutan, although some reported holdings remain disputed or have been revised by blockchain analytics firms.

D'Agostino said institutional interest continues to grow steadily, while analysts noted that sovereign commitments should not be treated as confirmed buying activity, and following the comments Coinbase shares had no reported material market reaction.

A River report released in late 2025 estimated about 23 nation states had some form of Bitcoin exposure through seizures, direct purchases, state-backed mining or sovereign wealth fund allocations, representing roughly 432,000 BTC or about 2.1% of Bitcoin's circulating supply.

Market observers said near-term Bitcoin price movements are still expected to depend more on exchange-traded fund inflows, corporate treasury purchases and broader macroeconomic conditions than on sovereign commitments that have yet to translate into market purchases.

At the time of reporting, Bitcoin price was $58,546.60.