- Bhutan holds over 13,000 BTC valued at $780.49M through its investment arm, Druk Holdings.
- The Bitcoin holdings were identified and labeled by Arkham Intelligence, marking a historic disclosure.
- Bhutan’s investments in digital assets stem from their BTC mining operations, aiming to diversify the national wealth.
Bhutan has accumulated over 13,000 Bitcoin worth nearly $780.5 million via mining. Arkham, a blockchain intelligence platform, is the first to publicly label and identify these addresses associated with the Bhutanese government. The disclosure showcases the country’s forward-looking approach to leveraging blockchain technology and decentralized finance as part of its broader economic strategy.
Arkham’s latest revelation marks a significant step toward transparency in cryptocurrency holdings at the governmental level, as Bhutan had not previously disclosed the extent of its Bitcoin mining operations or holdings. Notably, Bhutan is the 4th largest government with BTC holdings on its platform, with over $750M in BTC.
Unlike most governments, Bhutan’s BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023. Bhutan has constructed BTC mining facilities in multiple locations, with the largest being on the site of the now-defunct Education City project. Arkham has corroborated the timeline of on-chain mining activity with time-lapse satellite imagery of facility construction.
Bitcoin: Bhutan’s Government Faces Transparency Backlash
While many nations are cautious about entering the digital currency space, Bhutan’s entry into Bitcoin mining signals an innovative economic strategy. The country’s holdings include 13.011k BTC, along with smaller investments in Ethereum (ETH), Binance Coin (BNB), and Polygon (MATIC).
As Bhutan’s BTC holdings continue to rise, concerns are growing among the public about the government’s lack of transparency regarding these assets. One user commented on the situation, expressing concern that the government may be following a similar path to Germany, where Bitcoin seizures have led to unclear ownership and management. At present, the German government holds a substantial amount of BTC, totaling 43,859 BTC, valued at approximately $2.74 billion.
All these governments are “holding” 9-10 figures in Bitcoin from seizures or whatever, while no one is aware. They better not take the same route as Germany
