Venezuela Rumored to Hold 600,000 BTC in Shadow Reserves

• Gold swaps: Venezuela exchanged around $2 billion worth of gold for Bitcoin, often at prices near $5,000 per coin. This alone could have generated 400,000 BTC, which is now worth over $36 billion.
• Oil-for-USDT deals: The regime sold crude oil in USDT instead of U.S. dollars, then converted those proceeds into Bitcoin. This provided a workaround to traditional banking restrictions.
• Mining seizures: Government agencies allegedly confiscated hardware and wallet access from domestic Bitcoin mining operators. Those assets likely ended up in state-controlled wallets.

In each case, the flow of assets moved deliberately into crypto. One key figure, Alex Saab, reportedly played a major role in overseeing and managing this accumulation.

Why This Matters Right Now

The timing of these rumors is no coincidence. In early 2026, U.S. authorities captured Maduro, triggering political transition and renewed scrutiny of state-held crypto. As a result, attention has shifted to uncovering hidden BTC caches.

American officials may now attempt to access wallet seed phrases through interrogations or plea bargains. Instead of dumping the Bitcoin onto the open market which could cause severe price drops, they’re more likely to freeze the funds or absorb them into Treasury reserves, much like other seized foreign assets.

The Market Impact Could Be Enormous

If Venezuela truly holds over 600,000 BTC, it would control nearly 3% of Bitcoin’s total circulating supply. That’s a huge chunk and it dwarfs previous government-related movements.

For comparison, when Germany sold 50,000 BTC in 2024, prices dropped by 15–20%. Venezuela’s rumored stash is over 10 times that size, which could trigger a major supply shock if moved or sold suddenly.

The uncertainty is already raising concerns in trading circles. Some investors fear price volatility. Others see opportunity in the shift of sovereign wealth into decentralized assets.

Src: X

Venezuela’s Long Crypto History

This isn’t the country’s first foray into digital assets. Over the years, Venezuela has experimented with crypto multiple times.

It launched the Petro token, which failed to gain serious adoption. Later, it began using USDT for oil settlements, further proving its interest in bypassing traditional financial infrastructure.

As early as 2019, reports indicated that the country’s central bank explored adding BTC and ETH to its reserves.

What Comes Next?

For now, the 600,000 BTC claim remains unconfirmed. However, the combination of political upheaval, Maduro’s arrest, and rumors of hidden crypto reserves has created a tense atmosphere in both geopolitical and crypto circles.

If authorities uncover and seize these holdings, the decision about what to do next – whether to hold, freeze, or liquidate and could have huge ripple effects across the entire market.

Either way, Venezuela’s crypto strategy is back in the global spotlight, this time with higher stakes than ever.