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

D’Agostino made the comments during a precocious June quality wide clipped and shared connected X connected June 30. He described sovereign involvement successful bitcoin arsenic a quiet, dependable inclination alternatively than a bid of expansive announcements.

“We’ve seen implicit 40 countries perpetrate to buying bitcoin successful immoderate manner for their nationalist equilibrium sheets oregon other,” D’Agostino remarked. “So I’m seeing each time a deluge of caller organization investors that are funny successful the plus class. So I admit folks who don’t person that perspective. They’re looking for immoderate expansive motion oregon expansive event. But for those of america who person the luxury of being connected the inside, each we’re seeing is dependable growth, adjacent if the headlines don’t lucifer that.”

Commitment Versus Confirmed Holdings

D’Agostino’s connection was commitment, not progressive purchasing, and nationalist trackers bespeak that distinction. Bitcointreasuries.net presently counts astir 13 authorities entities with confirmed bitcoin holdings, totaling astir 649,946 BTC, worthy adjacent to $37.9 cardinal astatine caller prices.

The United States holds the largest stack, adjacent 328,372 BTC, astir of it from instrumentality enforcement seizures and present folded into a Strategic Bitcoin Reserve created by enforcement bid successful 2025. Bitcointreasuries.net information shows that the United Kingdom holds astir 61,245 BTC, El Salvador astir 7,698 BTC, the United Arab Emirates adjacent 6,420 BTC, and Bhutan adjacent to 4,973 BTC, overmuch of it tied to state-backed hydropower mining.

Some of the state holdings listed are contestable. For instance, Arkham reports that Bhutan lone holds 1,749.95 BTC aft a concession of alleged sales. Alongside this, extensive reporting indicates that China holds nary bitcoin, contempt wide claims that the state controls much than 190,000 BTC.

In different case, reports claiming Ukraine holds 46,000 BTC person besides been debunked, arsenic the tracking was erroneously attributed to the “holdings of nationalist officials.” Even the reported fig attributed to the United States whitethorn beryllium significantly inaccurate. Aside from that, broader probe shows a wider ellipse of countries that person moved toward bitcoin without needfully executing ample purchases.

A River report from precocious 2025 counted astir 23 nation-states with bitcoin vulnerability done seizures, nonstop purchases, state-backed mining, oregon sovereign wealthiness money allocations, putting government-controlled proviso adjacent 432,000 BTC, oregon astir 2.1% of each bitcoin successful existence.

Where the 40 Figure Likely Comes From

D’Agostino’s number, arsenic stated connected CNBC, appears to harvester countries with confirmed holdings and a larger radical that has signaled intent without yet gathering retired afloat acquisition programs. Many constituent to examples similar the Czech National Bank’s tiny treasury trial and accumulation by UAE household offices and sovereign wealthiness funds arsenic grounds the committedness inclination is spreading.

Much of the largest known authorities bitcoin came from seizures alternatively than deliberate buying. Commitment, successful galore of these cases, means a pilot, a argumentation proposal, oregon a stated volition to clasp bitcoin, not an ongoing open-market acquisition program.

What This Means for Traders

A increasing database of countries committing to bitcoin, adjacent earlier ample purchases follow, adds a structural statement for bitcoin arsenic a reserve plus candidate. That tin enactment semipermanent organization involvement and spot distant astatine bitcoin’s estimation arsenic a purely speculative trade.

Near-term terms enactment inactive depends much connected exchange-traded money (ETF) flows, firm treasury buying, and macro conditions than connected sovereign commitments that person not yet turned into purchases. Traders watching for confirmation of D’Agostino’s assertion should way and travel announcements from cardinal banks and sovereign wealthiness funds alternatively than treating the 40-country fig arsenic a number of progressive buyers.