Key takeaways
- D’Agostino said that more than 40 countries have committed to purchasing Bitcoin starting in June 2026.
- Public trackers only show 13 governments holding confirmed BTC holdings worth $37.9 billion. Some of these participations are questionable and unproven.
- Traders should watch for confirmation as commitments turn into purchases.
D’Agostino made the comments during a widely cut and shared late June appearance on X on June 30. He described the sovereign interest in bitcoin as a calm, steady trend rather than a series of big announcements.
“We have seen more than 40 countries commit to purchasing bitcoin in one way or another for their national or other balance sheets”, D’Agostino REMARK. “So I see a deluge every day of new institutional investors interested in this asset class. So I appreciate people who don’t have that perspective. They’re looking for a big gesture or a big event. But for those of us who have the luxury of being on the inside, all we see is steady growth, even if the headlines don’t match that.”
Commitment to confirmed assets
D’Agostino’s word was engagement, not active purchase, and public trackers reflect that distinction. Bitcointreasuries.net currently has approximately 13 government entities with bitcoin assets, totaling approximately 649,946 BTCworth nearly $37.9 billion at recent prices.
The United States has the largest pile at almost 328,372. BTCmost coming from seizures carried out by law enforcement and now integrated into a strategic plan Bitcoin Reserve created by decree in 2025. Data from Bitcointreasuries.net shows the UK holds around 61,245. BTCEl Salvador approximately 7,698 BTCthe United Arab Emirates nearly 6,420 BTCand Bhutan nearly 4,973 BTCmuch of it linked to state-backed hydroelectric mining.
Some of the national assets listed are questionable. For example, Arkham reports that Bhutan only holds 1,749.95 BTC after a concession of so-called sales. Besides this, extensive report noted that China does not hold bitcoindespite widespread claims that the country controls more than 190,000 BTC.
In another case, reports claim that Ukraine holds 46,000 BTC were also demystifiedbecause the monitoring was wrongly attributed to “assets of public officials”. Even the figure attributed to the United States can be significantly inaccurate. Apart from this, broader research shows that a wider circle of countries have moved towards bitcoin without necessarily making major purchases.
A river report as of the end of 2025, there were approximately 23 nation states with bitcoin exposure via seizures, direct purchases, state-backed mining or sovereign wealth fund allocations, bringing government-controlled supply to almost 432,000 BTCor about 2.1% of all bitcoin in existence.
Where does the number 40 probably come from?
D’Agostino’s figure, as reported on CNBC, appears to combine countries with confirmed participations and a broader group that has signaled intent without yet developing full purchasing programs. Many cite examples like the small cash test of the Czech National Bank and the accumulation by United Arab Emirates family offices and sovereign wealth funds, proof that the trend towards engagement is spreading.
Much of the largest known government bitcoin came from seizures rather than deliberate purchases. Commitment, in many of these cases, means a pilot project, a policy proposal or a stated intention to carry out bitcoinand not a continuing open market purchasing program.
What this means for traders
A growing list of countries committing to bitcoineven before major purchases follow, adds a structural argument in favor of bitcoin as a candidate for reserve assets. This can support long-term institutional interest and negate bitcointhe reputation of being a purely speculative trade.
Short-term price action depends even more on exchange-traded fund (ETF) flows, corporate Treasury purchases, and macroeconomic conditions than on sovereign liabilities that have not yet turned into purchases. Traders awaiting confirmation of D’Agostino’s claims should follow announcements from central banks and sovereign wealth funds rather than treating the 40-country figure as a count of active buyers.
