Coin Bureau said that China is close to matching, and potentially overtaking, the United States as the largest government holder of bitcoin, despite maintaining a nationwide ban on crypto trading and mining. The claim was posted on its official X account.
According to the analysis, a significant share of those holdings may come from seizures and enforcement actions tied to illicit activity rather than open-market purchases. The thread suggests Beijing has not liquidated all confiscated bitcoin, allowing reserves to build quietly over time.
By contrast, it notes U.S. reserves also largely originate from forfeitures, but with periodic sales or auctions, making the balance more fluid. The key watch item is whether China formally surpasses the U.S. and what signals emerge around any future custody, management, or sale of those assets.
Source: Coin Bureau (X).
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