Intelligence reports now suggest Venezuela may control a massive “shadow reserve” of up to ~600,000–660,000 BTC, potentially worth $60B–$67B and roughly 3% of all circulating Bitcoin. If true, this would make Venezuela one of the largest holders on the planet, comparable to big institutional stacks. 

Where it allegedly came from:
• Built up since ~2018 through gold swaps, oil settlements in stablecoins (USDT), and seized mining activity. 
• Part of the narrative links this accumulation to sanctions evasion and economic strategy under the Maduro regime.