The Kingdom of Bhutan now holds over 13,000 BTC, valued at $750 million, making it the fourth-largest government holder of Bitcoin, according to blockchain analytics firm Arkham Intelligence. Bhutan’s state investment arm, Druk Holding & Investments (DHI), manages the country’s Bitcoin reserves, surpassing El Salvador’s 5,876 BTC, worth $331 million.
Bhutan has been mining Bitcoin since 2019, leveraging its abundant hydroelectric power to fuel green-powered mining farms, including one of its largest facilities at the former Education City project site. Unlike other governments that acquire Bitcoin through asset seizures, Bhutan’s holdings result directly from its sustainable mining operations.
In addition to Bitcoin, Arkham’s data reveals that DHI holds 656.013 ETH and smaller amounts of other cryptocurrencies like Binance Coin (BNB), Polygon (MATIC), and Tether (USDT). The country’s involvement in cryptocurrency has come under scrutiny, particularly after it was revealed that DHI engaged in multi-million-dollar transactions with bankrupt crypto lenders BlockFi and Celsius. Despite this, DHI confirmed that no money was lost and that its mining efforts began when Bitcoin was priced around $5,000.
Bhutan’s mining operations were further strengthened in 2023 through a partnership with Bitdeer, a mining firm led by former Bitmain Technologies CEO Jihan Wu. This collaboration aimed to boost Bhutan’s mining capacity with a goal of raising $500 million through a closed-end fund. Bitdeer is expected to become one of the largest publicly traded mining firms by the end of 2024, according to Cantor Fitzgerald.
This new data underscores the scale of Bhutan’s cryptocurrency ambitions and highlights its growing role in the global crypto landscape.
