In a surprising development, Bhutan, a small nation in the Indian subcontinent, has emerged as one of the largest holders of Bitcoin globally. A report from Arkham Intelligence reveals that the Bhutanese government owns approximately $780.49 million worth of Bitcoin, positioning the country fourth in Bitcoin holdings, behind the United States, China, and the United Kingdom.
Bhutan’s ascent in the cryptocurrency realm has been spearheaded by Druk Holdings, the state’s investment arm. Unlike many other countries with significant Bitcoin reserves, Bhutan’s approach is unique. The government has made concerted efforts to accumulate Bitcoin, ramping up its activities dramatically since 2023. As of now, Bhutan possesses around 13,011 BTC.
Arkham Intelligence disclosed this data publicly for the first time, highlighting that Bhutan ranks as the fourth largest government Bitcoin holder on their platform, boasting over $750 million in BTC. Notably, the source of Bhutan’s Bitcoin holdings differs from the norm; rather than acquiring the cryptocurrency through law enforcement asset seizures, the nation has focused on Bitcoin mining operations, which have expanded significantly since early 2023.
Bhutan’s strategy emphasizes sustainable cryptocurrency creation. The country has established several mining facilities powered by hydropower resources, with plans for additional sites, including one on land previously designated for an Education City project. Arkham confirmed the timeline of Bitcoin mining activities through satellite imagery, showcasing the rapid construction of these facilities.
Bhutan’s commitment to eco-friendly mining practices sets it apart, as it seeks to lead in the burgeoning cryptocurrency sector while promoting sustainable energy use.