Bhutan’s government moved around $63 million worth of Bitcoin into three wallets, sparking speculation over the country’s cryptocurrency strategy. This indicates that Bhutan is getting more and more involved in digital assets. They started using hydropower for Bitcoin mining in 2019.
As per analysis of the blockchain data, one of the wallets receiving the transfer has come to hold around 600 BTC, which is worth around $53 million at press time. The main wallet of Bhutan’s crypto holdings remains substantial. They still hold nearly $890 million worth of crypto, which is approximately 99.9% Bitcoin.
In the past hour, the Royal Government of Bhutan has transferred 721.46 $BTC, worth $63.24M, to 3 new wallets.
— Onchain Lens (@OnchainLens) March 24, 2025
Addresses:
– bc1qhrxgjgke5uk4yzlxfqkcrd9ala4r9ugqf6u8qfxxnvhuadjalqzshxda7e
– 3EQGh6W3sfKCpqoFjYRRZbBb5NstY7wDAC
– 38FBo1uzi9mbiSricAzcDQ8vM758xd3kne… pic.twitter.com/1TAQrAhMM4
Since 2019, Bhutan has been creating Bitcoin using its renewable energy resources. The country has a crypto reserve. In September 2024, blockchain intelligence platforms detected a wallet of Druk Holdings, the investment arm of the Bhutanese government. Since that time, the nation has occasionally moved portions of its holdings to differing addresses, like executing a $66 million transfer to crypto exchange Binance in late 2024. Besides Bitcoin, Bhutan’s crypto portfolio also contains smaller holdings of Ethereum and other cryptocurrencies. This indicates that they don’t rely solely on Bitcoin, but they also have other cryptocurrencies. At present, Bhutan’s crypto holdings (30.7% of GDP) are a result of recent economic data (i.e., 2022 results).
Bhutan is studying cryptocurrencies at various levels, not just the national. Earlier this year, the Gelephu Special Administrative Region revealed that it is considering the integration of digital assets. The move shows a wider interest from the government in using crypto for the country’s economy.
More and more countries are exploring Bitcoin. Bhutan will also be included in this group. During the current bull market, El Salvador’s Bitcoin stash hit over $100 million, while the US government’s holdings crossed $17 billion. Meanwhile, a Bitcoin reserve bill in Texas is another sign of a growing acceptance of crypto by institutions.
Bhutan appears to be gradually implementing its digital assets, raising questions about the government’s potential strategy for cryptocurrency. The international Bitcoin community anticipates that the Bhutanese authorities will receive critical attention. Be it for profit sale, security and budgetary reasons, we shall have to wait to see.
