Venezuela is reported to hold a clandestine bitcoin reserve of more than 600,000 BTC following years of covert accumulation.
The reserve is valued between $60 billion and $67 billion, potentially making the country one of the largest bitcoin holders globally.
Attention intensified after the January 2026 US-led operation that captured President Nicolás Maduro.
Sources claimed the accumulation began in 2018 through gold swaps, oil settlements and domestic mining seizures.
Venezuela reportedly converted around $2 billion in gold exports into bitcoin at an average price near $5,000 per coin.
From 2023 to 2025, state oil company PDVSA allegedly settled crude exports in USDT before rotating funds into bitcoin.
Additional holdings were said to come from seized domestic mining operations.
Analysts estimate the reserve represents nearly 3% of bitcoin’s circulating supply.
Market observers warned that any seizure or freeze could trigger an unprecedented supply shock.
By comparison, Germany’s 2024 sale of 50,000 BTC caused a sharp market correction.
US authorities are reportedly weighing whether to freeze, auction or absorb the assets into a strategic reserve.
Analysts believe freezing the bitcoin is the most likely outcome, potentially locking supply for years.
Venezuela’s crypto usage has surged amid inflation and sanctions, with crypto widely used for payments and remittances.
The situation adds uncertainty to bitcoin markets but strengthens long-term bullish supply narratives.
At the time of reporting, Bitcoin price was $92,850.27.