Bhutan's government holds $828M in Bitcoin

The government of Bhutan currently holds over $828 million in Bitcoin (CRYPTO:BTC), as revealed by onchain data from crypto intelligence firm Arkham. 

Unlike other governments, Bhutan’s Bitcoin holdings come from mining operations rather than asset seizures, making it a unique player in the cryptocurrency space. 

Arkham shared the information on social media platform X, emphasising, "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, a small kingdom in the eastern Himalayas with a population of less than 800,000, conducts its mining operations through its investment arm, Druk Holdings. 

These operations have been expanding rapidly, with facilities in multiple locations. 

The largest facility is built on the site of the defunct Education City project, according to Arkham's findings. 

The intelligence firm corroborated Bhutan’s onchain mining activities by cross-referencing them with satellite imagery. 

"We were able to corroborate the timeline of onchain mining activity with time-lapse satellite imagery of facility construction," Arkham explained. 

This investigation confirmed that Bhutan has been actively mining Bitcoin, with activity ramping up significantly in 2023. 

Arkham’s report sheds light on Bhutan’s growing presence in the cryptocurrency space. 

The firm further noted, "These holdings come from bitcoin mining operations carried out by the Kingdom of Bhutan’s investment arm, Druk Holdings."

At the time of reporting, the Bitcoin price was $63,001.57.