Bhutan government moves $63M BTC to three wallets

The Bhutan authorities moved $63 cardinal worthy of Bitcoin (BTC) connected March 24 to 3 wallets, according to Onchain Lens, which analyzed information from Arkham Intelligence.

One of the wallets present holds 600 BTC worthy astir $53 cardinal astatine clip of writing.

Bhutan has leveraged its abundant hydroelectric powerfulness to excavation Bitcoin since 2019. In September 2024, Arkham indicated that it had recovered the archetypal wallet tied to the Bhutan government’s concern arm, Druk Holdings. After the March 24 transfers, the wallet holds $889.9 cardinal invested successful Bitcoin.

Source: Onchain Lens

The statistic bespeak that Bhutan’s cryptocurrency holdings correspond 30.7% of its gross home merchandise (GDP), which, according to the latest information from the World Bank, reached $2.9 cardinal successful 2023.

Although Bitcoin is the superior holding of the Bhutan government, the federation does not look to beryllium pursuing a solely Bitcoin-based strategical reserve. Other stacks successful the Druk Holdings wallet are $334,580 of Ether (ETH) and smaller amounts of LinqAI (LNQ), Phil (PHIL), and Apu Apustaja (APU), among different coins.

Crypto holdings of the Bhutan authorities arsenic of March 24, 2025. Source: Arkham Intelligence

In October 2024, Bhutan moved $66 cardinal of its BTC holdings to Binance. Over the past 2 months, the authorities has been moving tiny portions of Bitcoin and Ether retired of its main wallet to different addresses.

Governments follow cryptocurrency reserves

Bhutan’s nationalist authorities isn’t the lone authorities assemblage adopting cryptocurrency successful the state — the signifier has filtered down to the metropolis level arsenic well. In January 2025, Bhutan’s Gelephu Special Administrative Region announced plans to admit a assortment of integer assets arsenic portion of its strategical reserve.

Related: Bitcoin’s relation arsenic a reserve plus gains traction successful US arsenic states adopt

Governments that person adopted a Bitcoin strategical reserve person seen their holdings multiply during this 2024-present bull run. El Salvador saw the worth of its Bitcoin holdings surge to $100 cardinal successful November 2024, and the United States authorities present holds implicit $17 cardinal successful Bitcoin.

While nationalist governments garner the astir attention, immoderate authorities governments are reasoning of creating Bitcoin reserves arsenic well. In the US, Texas has passed its Bitcoin reserve bill, though it inactive indispensable beryllium signed into instrumentality by the state’s governor.

Bitcoin reserve bills successful immoderate states similar Arizona are inching person to becoming law, though a fewer states person already rejected their Bitcoin bills for a assortment of reasons.

Magazine: Chinese Tether laundromat, Bhutan enjoys caller Bitcoin boost: Asia Express