The US holds the largest Bitcoin reserve at $12.16B, mainly from law enforcement seizures.
The UK has a passive Bitcoin strategy, holding $3.67B with minimal recent transactions.
Bhutan and El Salvador actively manage Bitcoin, with Bhutan also generating income through mining.
I don't think US and UK had saved these much bitcoin through any ethical means. They do not have a policy of state owned mining operations so I assume that, both US and UK are holding seized Bitcoins.
Bhutan and El-Salvador are surely the exceptions here as they have generated those Bitcoin. Can we have a clean list of countries who own Bitcoin via mining operations or via ethical means?