False Narrative Emerges Around Ukraine's Alleged Bitcoin Holdings

Over the past week, speculation has circulated suggesting that Ukraine might move to establish a strategic bitcoin reserve (SBR). A senior government official reportedly indicated that a formal bill

Over the past week, speculation has circulated suggesting that Ukraine might move to establish a strategic bitcoin (BTC) reserve (SBR). A senior government official reportedly indicated the possibility of a bill being presented to the Ukrainian parliament. While this scenario unfolds, some reports claim the country already possesses more than 46,000 BTC. However, this assertion lacks substantiation when weighed against verified data.

False Narrative Emerges Around Ukraine’s Alleged Bitcoin Holdings

Several individuals across social media platforms have asserted that Ukraine is planning to create a strategic bitcoin reserve (SBR). Citing a report from the outlet Incrypted, Yaroslav Zhelezniak—First Deputy Chairman of the Committee on Finance, Tax and Customs Policy—spoke on the matter during a discussion with the publication. Incrypted reported that Zhelezniak offered limited information but stated:

“We will soon submit a draft law from the industry allowing the creation of crypto reserves.”

Whether or not this ultimately comes to pass is not the central concern in this narrative. The real issue lies in the claims circulating alongside the SBR discussions—namely, that Ukraine allegedly holds more than 46,000 BTC. This claim is unfounded, and there is no credible evidence to suggest the nation possesses such a cache. For instance, a widespread assumption holds that Ukraine acquired a substantial amount of BTC through donations at the onset of the Ukraine-Russia conflict in February 2022.

At that time, the Ukrainian government announced via X that it would accept BTC alongside several other crypto assets. Yet, according to data from Arkham Intelligence (1 & 2), the official BTC address designated for donations accumulated fewer than 60 BTC. The funds were transferred to a Kuna exchange deposit wallet. By early 2023, approximately 57 BTC collected had been fully depleted. Fifty-seven bitcoin is a far cry from 46,000. More evidence shows that a report from Elliptic recorded the donations and after raising $78 million in donations, only “1% was raised in bitcoin.”

So, where did the figure of over 46,000 BTC originate? The source appears to be bitcoin treasury tracking websites that aggregate data on corporations, exchange-traded funds (ETFs), and nation-states. One such site lists Ukraine's holdings as 46,351 BTC, though it explicitly clarifies that this amount is derived from the "holdings of public officials." A different BTC reserves website echoes the same figure, attributing it to a supposed reserve of 46,351 BTC—yet the ownership trace leads back to an article from 2021, which also clarifies the BTC comes from civil servants' personal disclosures.

It’s a clear misjudgment to equate individual holdings by public officials with Ukraine itself possessing $4.8 billion in bitcoin—just as it’s inaccurate to claim that China owns 194,000 BTC, which it does not. At present, the five leading nations with confirmed BTC holdings include the U.S., the U.K., Bhutan, North Korea (via the Lazarus Group), and El Salvador. Some may argue North Korea's cache isn't directly state-held, yet the Lazarus Group operates under state direction as a cyber-operations unit.

Nevertheless, continued assertions that China controls 194,000 BTC and Ukraine holds 46,351 BTC remain unfounded. There is no verifiable evidence, on-chain or otherwise, that supports Ukraine owning anything close to that amount.

It’s important to clarify that Incrypted’s article did not make the claim that Ukraine holds 46,000 BTC—others introduced that narrative again this week. What Incrypted did report, however, is that if Ukraine were to pursue the creation of a strategic bitcoin reserve, the effort would involve collaboration with Binance.