According to TechFlow, Arkham released the latest government Bitcoin holdings rankings on the X platform on September 19. The data showed that the United States topped the list with $12.16 billion in holdings.

According to Arkham data, the top four countries and their Bitcoin holdings are: the United States at $12.16 billion, the United Kingdom at $3.67 billion, Bhutan at $782.46 million, and El Salvador at $351.75 million.

Notably, Germany dropped from $3.56 billion to zero, making it a special mention on the list.