October 23, 2024
By Our Correspondent
Bhutan has emerged as one of the foremost countries in Bitcoin holdings, possessing an impressive $780.49 million in Bitcoin assets. This significant accumulation has been spearheaded by the government’s investment entity, Druk Holdings, which has notably expanded its Bitcoin reserves since 2023.
Currently, Bhutan holds 13,011 BTC, ranking it fourth globally, following the United States, China, and the United Kingdom in terms of Bitcoin ownership. Situated in the Indian subcontinent, Bhutan’s rise in the cryptocurrency arena is remarkable.
According to a report from Arkham Intelligence, the Bhutanese government’s Bitcoin assets have positioned the nation prominently on the global Bitcoin landscape, trailing only behind the three leading countries in Bitcoin holdings. The initiative to amass Bitcoin has been primarily driven by Druk Holdings, the state’s investment arm.
As a Buddhist monarchy, Bhutan’s approach to Bitcoin acquisition is distinct from that of other nations with substantial Bitcoin reserves. The concerted efforts to accumulate Bitcoin began in earnest in 2023 and have seen a significant increase since then, culminating in the current total of 13,011 BTC. Arkham Intelligence has publicly disclosed this data regarding Bhutan’s Bitcoin holdings for the first time.
The firm noted on X, “Bhutan is the 4th largest government with Bitcoin holdings on our platform, with over $750M in BTC.” It further emphasized that, unlike many governments that acquire Bitcoin through law enforcement asset seizures, Bhutan’s holdings are primarily derived from Bitcoin mining operations, which have significantly intensified since early 2023.
In contrast to the asset seizure approach commonly employed by other governments, Bhutan’s strategy emphasizes the creation of Bitcoin. The nation has established mining facilities in various locations, including plans for one on the site of the previously proposed Education City project. Arkham Intelligence confirmed the timeline of on-chain mining activities through time-lapse satellite imagery of the construction of these facilities.
A report featured on the Nasdaq website indicates that Bhutan has established mining operations that utilize hydropower and local resources. This initiative is being referred to as a model of “eco-friendly” mining.
