Swiss Bitcoin reserve campaign set to lapse after failing to gather signatures

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Source: Nayib Bukele Bhutan, also one of the world’s largest sovereign holders of Bitcoin, built much of its treasury through state-backed mining operations powered by surplus hydroelectric energy as part of a broader strategy to turn renewable energy into a digital export and expand the country’s role in crypto finance. However, data from Arkham Intelligence shows Bhutan-linked wallets have sharply reduced their holdings in recent months, with reserves falling from around 13,000 BTC at the end of 2024 to roughly 3,654 BTC by April 2026 following a series of large transfers and apparent sales. Unlike El Salvador and Bhutan, which actively accumulated Bitcoin through purchases or mining, the three largest sovereign Bitcoin holders — United States, China and the United Kingdom — primarily acquired their holdings through criminal seizures and forfeiture proceedings. Top 5 countries holding Bitcoin. Source: BitcoinTreasuries.net On March 6, 2025, US President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve capitalized with government-held Bitcoin, stating that BTC held by the reserve “shall not be sold” and would be maintained as reserve assets of the United States. While the executive order allows Treasury and Commerce officials to explore budget-neutral strategies for acquiring additional Bitcoin, the reserve is initially backed by BTC already held by the government through forfeiture proceedings. Magazine: Adam Back says current demand is ‘almost’ enough to send Bitcoin to $1M More on the subject

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