Coinbase Institutional Head: Over 40 Countries Commit to Buying Bitcoin

Coinbase Head of Institutional Strategy John D’Agostino told CNBC that more than 40 countries have committed to buying bitcoin in some form for their national balance sheets as of June 2026. He described sovereign interest as a quiet, steady trend, not a series of grand announcements.

“We’ve seen over 40 countries commit to buying bitcoin in some fashion for their national balance sheets or other,” D’Agostino remarked. “So I’m seeing every day a deluge of new institutional investors that are interested in the asset class.”

Public trackers distinguish between commitment and active purchasing. Bitcointreasuries.net counts about 13 government entities with confirmed bitcoin holdings, totaling nearly 649,946 BTC worth roughly $37.9 billion. The United States holds the largest stack at around 328,372 BTC, mostly from law enforcement seizures, now part of a Strategic Bitcoin Reserve. Other confirmed holders include the United Kingdom (61,245 BTC), El Salvador (7,698 BTC), the UAE (6,420 BTC), and Bhutan (4,973 BTC).

Some country holdings are contestable. Arkham reports Bhutan holds only 1,749.95 BTC after alleged sales. Extensive reporting indicates China holds no bitcoin despite claims of 190,000 BTC. Reports of Ukraine holding 46,000 BTC have been debunked. Even the U.S. figure may be inaccurate.

A River report from late 2025 counted about 23 nation-states with bitcoin exposure through seizures, purchases, state-backed mining, or sovereign wealth fund allocations, putting government-controlled supply near 432,000 BTC (2.1% of all bitcoin).

D’Agostino’s 40-country figure likely combines confirmed holders and a larger group that signaled intent without full purchase programs. Examples include the Czech National Bank’s small treasury test and UAE family office and sovereign wealth fund allocations.

Most known government bitcoin came from seizures, not deliberate buying. Commitment often means a pilot, policy proposal, or stated intention, not ongoing market purchases.

For traders, a growing list of committed countries supports bitcoin as a reserve asset candidate, potentially boosting long-term institutional interest. However, near-term price action still depends more on ETF flows, corporate treasury buying, and macro conditions. Traders should track central bank and sovereign wealth fund announcements rather than treat the 40-country figure as active buying.

Source: https://news.bitcoin.com/coinbase-institutional-head-over-40-countries-commit-to-buying-bitcoin/