Bhutan’s government has moved Bitcoins worth $63,000,000 (BTC(March 24th to 3 wallets) according Onchain Lens has analyzed data from Arkham Intelligence.
The wallet is now in the bag holds At the time this article was written, 600 BTC were worth $53 Million.
Bhutan began mining Bitcoin in 2019 using its hydroelectric energy. Arkham reported in September 2024 finding the first wallet associated with Druk Holdings. The wallet now holds $889,9 million in Bitcoin after the transfers on March 24.
Source: Onchain Lens
According to World Bank data, Bhutan’s crypto holdings amount to 30.7% its GDP. reached $2.9 billion in 2023.
Bhutan does not appear to have a Bitcoin-only strategic reserve, despite the fact that Bitcoin is its primary asset. The Druk Holdings wallet also contains $334,580 worth of Ether.ETH) and smaller amounts of LinqAI (LNQ), Phil (PHIL), and Apu Apustaja (APUThe coin includes a variety of other denominations.
The Bhutanese government’s crypto holdings as of 24 March 2025. Source: Arkham Intelligence
In October 2024, Bhutan moved $66 million of its BTC holdings to Binance. The government moved small amounts of Bitcoin and Ether from its primary wallet into other addresses over the last two months.
Cryptocurrency reserves are adopted by governments
Bhutan’s national government isn’t the only government body adopting cryptocurrency in the country — the practice has filtered down to the city level as well. Bhutan’s Gelephu Special Administrative Region declared in January 2025 that they would be introducing cryptocurrency. plans to recognize a variety of digital assets It is part of the Strategic Reserve.
Related: Bitcoin’s role as a reserve asset gains traction in US as states adopt
Governments which have used Bitcoin as a strategic reserve saw their Bitcoin holdings grow during the current bull run, 2024-2024. El Salvador saw the value of its Bitcoin holdings surge The United States Government now has $100 million to spend by November 2024. holds over $17 billion in Bitcoin.
State governments also want to create Bitcoin reserves. Texas, in the US has passed its Bitcoin reserve billIt must however be approved by the governor.
Bitcoin Reserve Bills are available in certain states. Arizona The laws are getting close to being passed, although a handful of states already have. rejected their Bitcoin bills For a number of different reasons.
Magazine: Chinese Tether laundromat, Bhutan enjoys recent Bitcoin boost: Asia Express
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
