Bhutan moves $63M Bitcoin while holding $890M

The Bhutan government transferred $63 million worth of Bitcoin (CRYPTO:BTC) to three wallets on March 24, according to blockchain analysis firm Onchain Lens, citing data from Arkham Intelligence.

One of the wallets now holds 600 BTC, valued at approximately $53 million.

Despite the transfers, Bhutan’s primary wallet, linked to the state investment arm Druk Holdings, still holds $889.9 million in Bitcoin.

Bhutan has been mining Bitcoin since 2019 using hydroelectric power.

In September 2024, Arkham Intelligence identified the first wallet associated with Bhutan’s government, revealing its substantial cryptocurrency holdings.

Data shows that Bhutan’s Bitcoin reserves account for roughly 30.7% of the nation’s gross domestic product, which stood at $2.9 billion in 2023, according to the World Bank.

Although Bitcoin remains Bhutan’s dominant digital asset, its portfolio also includes $334,580 in Ether and smaller amounts of other cryptocurrencies such as LinqAI, Phil, and Apu Apustaja, based on Arkham Intelligence records.

Bhutan has been actively moving its cryptocurrency holdings.

In October 2024, the government transferred $66 million worth of Bitcoin to Binance.

Over the past two months, it has continued shifting smaller portions of Bitcoin and Ether to various addresses.

The adoption of digital assets in Bhutan extends beyond the national level.

In January 2025, the Gelephu Special Administrative Region announced plans to incorporate multiple cryptocurrencies into its strategic reserves.

Governments worldwide are increasingly holding Bitcoin.

El Salvador’s Bitcoin holdings rose to $100 million in November 2024, while the United States now holds over $17 billion in Bitcoin.

Some U.S. states, including Texas and Arizona, are also exploring Bitcoin reserves through legislative efforts.

At the time of reporting, the Bitcoin (BTC) price was $86,539.09.