The Bhutan government made headlines recently by transferring $63 million worth of Bitcoin (BTC) to three different wallets. This significant transaction, reported on March 24 by blockchain analytics firm Onchain Lens, underscores Bhutan’s strategic approach to cryptocurrency.
As revealed by data from Arkham Intelligence, one of the wallets now contains 600 BTC, valued at approximately $53 million at the time of the report. Since 2019, Bhutan has harnessed its abundant hydroelectric power to mine Bitcoin, reflecting a keen interest in leveraging digital currency for economic growth.
Source: Arkham Intelligence
The total cryptocurrency holdings of the Bhutanese government now amount to $889.9 million, which represents a staggering 30.7% of the country’s gross domestic product (GDP), measured at $2.9 billion in 2023. While Bitcoin constitutes the bulk of Bhutan’s crypto investments, Druk Holdings, the government’s investment arm, also holds smaller amounts of other digital assets, including $334,580 of Ether (ETH) and various other altcoins.
The trend of governments adopting cryptocurrency as part of their financial strategies is not isolated to Bhutan. In January 2025, the Gelephu Special Administrative Region in Bhutan similarly announced plans to recognize a variety of digital assets within its strategic reserve.
Global Trends in Government Cryptocurrency Adoption
The increasing adoption of Bitcoin and other cryptocurrencies by governments worldwide is noteworthy. Countries like El Salvador have seen considerable appreciation in their Bitcoin reserves, while the United States government holds over $17 billion in Bitcoin.
In the United States, state-level initiatives are emerging as well, with Texas passing a Bitcoin reserve bill, and Arizona’s legislative efforts inching closer to legal status. Conversely, other states have opted out of pursuing similar initiatives for a range of reasons.
As countries explore the potential of cryptocurrency to enhance their financial systems, Bhutan’s proactive strategy serves as a compelling case study for other nations considering similar investments. With the global cryptocurrency landscape evolving rapidly, it will be interesting to see how Bhutan and its counterparts navigate the complexities of digital currencies moving forward.
