Bhutan, the small Buddhist kingdom on the eastern edge of the Himalayas, has been quietly building up a large stash of Bitcoin. According to a report by Arkham Intelligence, Bhutan holds 13,011 BTC, valued at around $780.49 million. This is the first time Bhutan’s Bitcoin holdings have been publicly identified, and surprisingly, the country now holds more Bitcoin than El Salvador, which has been vocal about its Bitcoin investments.
El Salvador, under President Nayib Bukele, has been in the spotlight for adopting Bitcoin as a national asset, holding 5,875.76 BTC according to the country’s Bitcoin Office. In contrast, Bhutan’s approach has been much more discreet. Arkham stated on X (formerly Twitter), “Bhutan is the 4th largest government with Bitcoin holdings on our platform, with over $750M in BTC.” Unlike many other governments that acquire Bitcoin through law enforcement asset seizures, Bhutan’s Bitcoin comes directly from its mining operations, which have been growing since early 2023.
BREAKING: BHUTAN GOVERNMENT’S $750M BTC NOW ON ARKHAM
Bhutan’s Bitcoin holdings are now labeled on Arkham. These holdings come from Bitcoin mining operations carried out by the Kingdom of Bhutan’s investment arm, Druk Holdings.
Arkham is the first to publicly identify these… pic.twitter.com/a8ScUNJJ9F
— Arkham (@ArkhamIntel) September 16, 2024
Bhutan’s Mining Efforts Drive Bitcoin Holdings
Bitcoin mining activities in Bhutan are managed by Druk Holdings, the country’s investment arm. Arkham’s findings show that Bhutan has set up mining facilities in several locations, with the largest site located on the grounds of the former Education City project. Using time-lapse satellite imagery, Arkham confirmed the timeline of these mining operations, matching them with on-chain mining activity.
The focus on mining rather than direct purchases shows a different approach by Bhutan. By leveraging its natural resources, particularly hydropower, Bhutan is generating Bitcoin from within rather than buying it outright. This strategy has allowed Bhutan to quietly build its holdings without drawing much attention.
Silent Approach Pays Off
Bhutan’s growing involvement in Bitcoin mining offers another perspective on how countries are engaging with the cryptocurrency. While El Salvador’s strategy involves buying Bitcoin and integrating it into the economy, Bhutan is quietly focusing on mining as a way to increase its holdings. This shows that even smaller, less talked-about nations are finding their own paths to participate in the Bitcoin market.
For those of us keeping an eye on global Bitcoin adoption, Bhutan’s quiet approach serves as a reminder that there’s more happening behind the scenes than we often realize. As more details about Bhutan’s mining and Bitcoin strategy come to light, it will be interesting to see how this influences both the country and the broader market. It also begs the question, what other nations have “secretly” been stacking up Bitcoin?
Keep following HowToBuyBitcoin.org for ongoing updates on Bhutan and other countries ‘revealing’ their Bitcoin holdings!