The Royal Government of Bhutan currently possesses 13,029 Bitcoin (BTC), valued at approximately $755 million based on current prices, as per data from Arkham Intelligence. In addition, Bhutanian wallets hold 656.013 Ethereum (ETH), equating to around $1.5 million.
Fourth Among Governments
As of August, CoinGecko reports that governments collectively control 2.2% of Bitcoin’s total supply. The United States leads with 213,246 BTC, followed by China with 190,000 BTC. Bhutan ranks fourth, surpassing El Salvador’s 5,800 BTC but holding less than the United Kingdom’s 61,000 BTC.
Despite these significant holdings, Bhutan’s Bitcoin reserves are not associated with governmental seizures. Instead, they stem from the country’s Bitcoin mining activities managed by Druk Holding & Investments, the state-owned investment arm.
Bhutan’s Mining History
Bhutan’s Bitcoin mining operations date back several years, initially shrouded in secrecy. In 2023, the country expanded its mining efforts, utilizing four hydroelectric-powered sites. On-chain data reveals that Bhutanese government wallets began accumulating BTC as early as February 2021.
The Himalayan kingdom gained notable attention in 2023 when Bitdeer Technologies Group, a Bitcoin cloud mining and services company, launched a mining data center in Bhutan in July. Subsequently, in April, Bitdeer partnered with Druk Holding to enhance Bhutan’s mining capabilities. This partnership aims to increase the region’s mining capacity sixfold, reaching 500 megawatts by mid-2025, according to Bloomberg.
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