I remember that Bulgaria had proclaimed to have been HODLing more than 200k BTC from the proceeds of various crimes.. or something like that, but I do not recall ever hearing about any proclamation or news that they no longer HODL such BTC, and surely they could choose to diversify (like you said), but diversification does not seem to make a whole lot of sense, except admittedly, most traditional financial advisors would likely believe that they understand gold better than bitcoin, and likely would be more comfortable in HODLing value in gold than in BTC... even though many of us BTC advocates have difficulties considering gold as being anywhere close to bitcoin in terms of actual upside potential (surely in competition with the concept of the perceived "store of value" narrative that would be difficult to shake from the heads of a lot of traditional investors).