Accumulating bitcoin is becoming a trend among nations worldwide. There are plenty of reports about countries stacking sats, but Bulgaria is supposedly the first one that owns so many bitcoin that it exceeds its gold reserves. The Bulgarian government has seized 213.519 BTC from criminal organizations back in 2017, which is now valued over 2 billion dollars.
Bulgaria has gold reserves that are worth $1.8 billion. This would make Bulgaria the first nation which cryptocurrency bags exceed the value of their gold stash.
The country has never formally announced that it puts its reserves into crypto. The country only stated that goods have been seized and investigations and prosecutions are still on-going.
However, according to Trustnodes the country is really keeping the bitcoin in its own custody. Thanks to the power of blockchain, researcher found out that the seized bitcoins have never been sold off to an exchange. Therefore they are still owned by the Bulgarian government.
Also published on Medium.