Are Nations Buying Bitcoin Through Third Parties?
The question of whether nations are purchasing Bitcoin through third parties has become increasingly relevant as governments worldwide explore cryptocurrency as part of their reserve strategies. To understand this phenomenon, we need to examine how countries acquire Bitcoin, who facilitates these purchases, and what methods they employ.
Direct Government Purchases and Sovereign Holdings
Several nations have taken direct approaches to building Bitcoin reserves. El Salvador made history in 2021 by adopting Bitcoin as legal tender and has continued to grow its holdings through a steady dollar-cost averaging approach. This means the country purchases Bitcoin regularly over time rather than making large one-time purchases. The United States government holds Bitcoin, though much of this came through seizures and legal proceedings rather than direct market purchases. The United Kingdom holds 61,245 BTC as of July 2025, representing a significant sovereign position in the cryptocurrency market.
The Role of Mining Operations
One fascinating aspect of how nations acquire Bitcoin involves mining rather than purchasing. The United Arab Emirates holds 6,420 BTC, accumulated mainly through government-supported Bitcoin mining operations. This positions the UAE among the few nations actively building sovereign Bitcoin reserves through mining rather than market purchases. Bhutan takes a similar approach, holding 6,370 BTC generated via hydro-powered state mining. These countries essentially create Bitcoin through computational work rather than buying it on the open market, which represents an indirect but legitimate method of acquisition.
Institutional and Corporate Intermediaries
While governments may purchase Bitcoin directly, many do so through established financial institutions and custodians. Major crypto exchanges custody hundreds of thousands of Bitcoin on behalf of customers, separate from ETF-managed or company-owned coins, holding BTC mostly in customer deposits and liquidity reserves. Many exchanges offer custody services for institutional and retail clients as well. These exchanges act as Bitcoin’s circulatory system, with their flows often signaling broader market sentiment.
The involvement of third parties becomes more apparent when examining how institutional buyers operate. Companies like MARA Holdings have adopted a “hodl” strategy, mining Bitcoin and keeping it rather than selling immediately. Metaplanet, a Japan-based company, started 2024 with just 1,000 BTC and accumulated over 30,000 within eighteen months, a 30x increase that mirrors Asia’s broader institutional shift toward digital assets. These corporate entities often work with custodians and financial service providers to manage their holdings securely.
The Emergence of Blockchain Payment Infrastructure
The infrastructure supporting Bitcoin transactions has evolved significantly. In 2025, global enterprises, traditional banks and financial institutions are just as likely as fintechs to develop blockchain payment solutions. Visa launched its Tokenized Asset Platform and is also using stablecoins to speed up cross border payments in partnership with BVNK. Global payment providers like Worldpay, Lian Lian Global, dLocal, Flywire and Rapyd all partnered with BVNK to enable stablecoin payments for their customers.
This infrastructure development suggests that nations and institutions increasingly rely on third-party service providers to facilitate cryptocurrency transactions and holdings. Bank of America announced plans for its own stablecoin, indicating that traditional financial institutions are becoming intermediaries in the cryptocurrency space. These developments show that third parties are not merely facilitating purchases but are becoming core components of how nations and institutions interact with digital assets.
Regulatory Frameworks and Third-Party Involvement
The legal status of cryptocurrencies varies substantially from one jurisdiction to another, and is still undefined or changing in many of them. This regulatory uncertainty means that nations often work through established financial institutions to ensure compliance. For example, in Singapore, just over 11.3% of the people have crypto coins, and trading crypto coins is legal, but it’s not considered an authorized method of payment. This regulatory environment encourages institutional involvement rather than direct government purchases.
The regulatory landscape also influences how third parties operate. The Central Bank of Ireland’s recent 21.4 million euro fine against Coinbase Europe for anti-money laundering failures underscores the regulatory hurdles facing cryptocurrencies and the importance of working with compliant third parties. Nations seeking to build Bitcoin reserves must navigate these regulatory requirements, often necessitating partnerships with established financial institutions.
Why Nations Might Use Third Parties
Several practical reasons explain why nations might purchase Bitcoin through third parties rather than directly. First, using established exchanges and custodians provides security and reduces operational complexity. Second, third-party involvement helps ensure regulatory compliance and reduces legal risks. Third, working through intermediaries allows nations to maintain some degree of privacy regarding their Bitcoin acquisition strategies. Fourth, third parties provide liquidity and access to large quantities of Bitcoin that might be difficult to acquire through direct market purchases.
The preference for traditional assets like gold over Bitcoin also influences how nations approach cryptocurrency acquisition. Central banks prioritize gold over Bitcoin in 2025, favoring its stability and 5,000-year crisis-proven value retention. Bitcoin’s volatility and regulatory ambiguity hinder adoption. This cautious approach means that nations exploring Bitcoin often do so through established financial institutions that can manage the risks and complexities associated with cryptocurrency holdings.
The Reality of Third-Party Involvement
The evidence suggests that nations are indeed acquiring Bitcoin through various third parties, though the extent and methods vary significantly. Some nations like the UAE and Bhutan use government-supported mining operations, which represent a form of third-party involvement through mining companies and technology providers. Other nations work with established financial institutions and custodians to purchase and hold Bitcoin. Still others, like El Salvador, may purchase Bitcoin more directly but still rely on exchanges and financial infrastructure to facilitate transactions.
The involvement of third parties in national Bitcoin acquisition reflects the maturation of the cryptocurrency market. As stablecoins transition from an alternative payment method to core financial infrastructure, and as traditional banks develop their own cryptocurrency initiatives, the role of intermediaries becomes increasingly important. Nations cannot easily operate outside this ecosystem without sacrificing security, compliance, and access to liquidity.
The Future of National Bitcoin Acquisition
Looking forward, the trend toward third-party involvement in national Bitcoin acquisition appears likely to continue. As regulatory frameworks become clearer and more standardized, nations may feel more comfortable working with established financial institutions. The development of central bank digital currencies and stablecoin infrastructure suggests that governments will increasingly rely on sophisticated financial intermediaries to manage their cryptocurrency holdings.
The question of whether nations buy Bitcoin through third parties thus has a nuanced answer. Yes, nations do acquire Bitcoin through third parties in various forms, whether through mining operations, established exchanges, custodial services, or partnerships with financial institutions. This third-party involvement reflects both the practical realities of operating in the cryptocurrency market and the regulatory environment that encourages institutional participation. As the cryptocurrency market continues to mature and integrate with traditional finance, this pattern of third-party involvement is likely to become even more pronounced.