Nation-State Bitcoin Adoption Report: 2025

Bitcoin's adoption has climbed from individuals to corporations, and now to nation-states. Today, JAN3 publishes its inaugural Nation-State Bitcoin Adoption Report, an examination of the growing integration of Bitcoin into the economic, energy, and technological planning of nation-states. Through a detailed overview of policy developments, legislative frameworks, mining activity, and reserve accumulation, our report maps the current state of sovereign Bitcoin adoption. This report also introduces the Bitcoin 20 (B20), a ranked index of the twenty nation-states and territories leading this transition, from the United States and Bhutan at the top of the ranking through Switzerland, Japan, Argentina, and beyond. All data in the report is current through the end of 2025.

The Global Shift Toward Bitcoin

Bitcoin's role in sovereign strategy is no longer theoretical. Governments are using it to monetize stranded energy, attract foreign capital, build financial infrastructure in underserved economies, and hedge against currency instability. These developments represent a structural shift: nation-states are adopting Bitcoin as an instrument of national strategy.

Until now, this shift has had no consolidated record. Evidence of sovereign adoption has accumulated piecemeal across dozens of jurisdictions and languages, with no consistent basis for comparison between countries. This report consolidates that record into a single, consistent, and comparable analysis and examines the convergence of inflation, monetary fragility, and geopolitical competition that is driving governments toward Bitcoin as a tool for reserve diversification, energy monetization, and monetary sovereignty.

In this report, we document the significant developments seen in 2025, the year sovereign Bitcoin strategy moved from theory to policy. From El Salvador announcing the world's first Bitcoin bank, to Bhutan mining a sovereign Bitcoin reserve with surplus hydropower, to the United States establishing a national Strategic Bitcoin Reserve, each approach reflects a different set of national conditions, and each points to a path other countries could take.

What's Inside the Report

In this report, we document the significant developments seen in 2025, the year sovereign Bitcoin strategy moved from theory to policy. From El Salvador announcing the world's first Bitcoin bank, to Bhutan mining a sovereign Bitcoin reserve with surplus hydropower, to the United States establishing a national Strategic Bitcoin Reserve, each approach reflects a different set of national conditions, and each points to a path other countries could take.

The full report comprises:

• Country-by-country profiles of each B20 nation, covering policy, legislation, mining activity, and reserve accumulation.
• A timeline of key events that have defined Bitcoin's global rise, from early legislative milestones to the latest developments in state-level mining and reserve strategy.
• An assessment of the strategic advantages available to early-adopting nations, including new tax revenues, energy monetization, debt reduction, and the growth of innovation ecosystems.
• A survey of emerging Bitcoin nations and a review of known government Bitcoin holdings.

Enter the B20

The Bitcoin 20 (B20) is a ranked index of the twenty nation-states and territories leading the global transition to Bitcoin. Inspired by the G20 framework, it evaluates and compares national adoption using evidence gathered from dozens of countries, including legislative records, official disclosures, and published research.

Ranking Methodology

Each B20 ranking is produced by the Bitcoin Rating Scorecard (BRS), a framework developed by JAN3 that weighs the full picture of a country's engagement with Bitcoin: national Bitcoin holdings, state mining activity, legal and tax treatment, strategic reserve policy, pro-Bitcoin political leadership, and the degree to which Bitcoin is genuinely usable in the economy. Scores are grounded in verifiable evidence, including on-chain data, legislative records, official government disclosures, and published research, and are converted into a credit-rating-style classification from AAA to C called a Bitcoin Rating. The scorecard will be updated annually, making this report the first edition of a continuing benchmark. The full methodology, indicator weights, and adjustment criteria are detailed in the report's appendices. 

Nation-State Adoption Tracker

In addition to the report, we’ve also built an interactive world map that tracks how nations are adopting Bitcoin, from strategic reserves and mining operations to legal tender status. Explore country-by-country data, B20 Rankings, and Bitcoin Ratings for the world's leading economies.Nation-State Adoption Tracker

A Note on Timing

This edition arrives later than we intended, and the reason is the subject matter itself. Sovereign Bitcoin adoption accelerated dramatically over the course of 2025. Reserve announcements, mining programs, and legislative developments landed at a pace that repeatedly sent sections of the report back for revision. Rather than publish a snapshot that was already out of date, we chose to incorporate developments through the end of the year. With this foundation in place, future editions of the B20 will be published at the beginning of each year.

Read the Report

The Nation-State Bitcoin Adoption Report for 2025 is intended to serve as a roadmap for policymakers, investors, and technologists navigating Bitcoin’s integration into sovereign strategy. It captures a transformation already underway and provides a framework for understanding where different nations stand and where they may go next.

But research only matters when it reaches the people positioned to act on it. Download the report, print and bind it, and place it in the hands of those who can shape policy: a local representative, a government adviser, a contact in the prime minister’s office, or anyone involved in national economic, energy, or technology strategy. A physical document on a desk is harder to ignore than another email in an inbox.

Those interested in contributing research, data, or expertise to the 2026 edition are also encouraged to get in touch with us.

Read the Nation-State Bitcoin Adoption Report on our website or download it as a PDF.