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The Bhutan government moved $63 million worth of Bitcoin (<a href="/bitcoin-price" rel="noopener noreferrer" target="null">BTC</a>) on March 24 to three wallets, <a href="https://x.com/OnchainLens/status/1904123726872092840" rel="noopener noreferrer nofollow" target="_blank">according</a> to Onchain Lens, which analyzed data <a href="https://intel.arkm.com/explorer/entity/druk-holding-investments" rel="noopener noreferrer nofollow" target="_blank">from</a> Arkham Intelligence.
One of the wallets now <a href="https://intel.arkm.com/explorer/address/bc1qhrxgjgke5uk4yzlxfqkcrd9ala4r9ugqf6u8qfxxnvhuadjalqzshxda7e" rel="noopener noreferrer nofollow" target="null">holds</a> 600 BTC worth approximately $53 million at the time of writing.
Bhutan has leveraged its abundant hydroelectric power to mine Bitcoin since 2019. In September 2024, Arkham indicated that it had found the first wallet tied to the Bhutan government’s investment arm, Druk Holdings. After the March 24 transfers, the wallet holds $889.9 million invested in Bitcoin.
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 <img alt="Cryptocurrencies, Asia, Bitcoin Adoption" src="https://s3.cointelegraph.com/uploads/2025-03/0195c94c-f9eb-7e2b-850b-6ddfce0494f4" title="">
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 Source: <a href="https://x.com/OnchainLens/status/1904123726872092840" rel="noopener noreferrer nofollow" target="_blank">Onchain Lens</a>
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The statistics indicate that Bhutan’s cryptocurrency holdings represent 30.7% of its gross domestic product (GDP), which, according to the latest data from the World Bank, <a href="https://cointelegraph.com/news/bhutan-revenue-bitcoin-mining-developing-nations" rel="noopener noreferrer nofollow" target="null">reached $2.9 billion in 2023</a>.
Although Bitcoin is the primary holding of the Bhutan government, the nation does not seem to be pursuing a solely Bitcoin-based strategic reserve. Other stacks in the Druk Holdings wallet are $334,580 of Ether (<a href="/ethereum-price" rel="noopener noreferrer" target="null">ETH</a>) and smaller amounts of LinqAI (LNQ), Phil (PHIL), and Apu Apustaja (<a href="/apu-apustaja-price-index" rel="noopener noreferrer" target="null">APU</a>), among other coins.
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 <img alt="Bhutan government moves $63M BTC to three wallets" src="https://s3.cointelegraph.com/uploads/2025-03/0195c919-df32-7c1b-b83a-d1936f952c3f" title="">
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 Crypto holdings of the Bhutan government as of March 24, 2025. Source: <a href="https://intel.arkm.com/explorer/entity/druk-holding-investments" rel="noopener noreferrer nofollow" target="_blank">Arkham Intelligence</a>
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In October 2024, Bhutan <a href="https://cointelegraph.com/news/bhutan-government-sells-66m-bitcoin-stash-price-tops-71k" rel="noopener noreferrer nofollow" target="null">moved $66 million of its BTC holdings to Binance</a>. Over the past two months, the government has been moving small portions of Bitcoin and Ether out of its main wallet to other addresses.
<h2 id="governments-adopt-cryptocurrency-reserves">Governments adopt cryptocurrency reserves</h2>
Bhutan’s national government isn’t the only government body adopting cryptocurrency in the country — the practice has also filtered down to the city level. In January 2025, Bhutan’s Gelephu Special Administrative Region announced <a href="https://cointelegraph.com/news/bhutan-gelephu-hub-strategic-reserve-bitcoin-ether-bnb" rel="noopener noreferrer nofollow" target="null">plans to recognize a variety of digital assets</a> as part of its strategic reserve.
Related: <a href="https://cointelegraph.com/news/bitcoin-reserve-us-states-global-accumulation" rel="noopener noreferrer nofollow" target="null">Bitcoin’s role as a reserve asset gains traction in US as states adopt</a>
Governments that have adopted a Bitcoin strategic reserve have seen their holdings multiply during this 2024-present bull run. El Salvador <a href="https://cointelegraph.com/news/el-salvador-bhutan-bitcoin-holdings-surge" rel="noopener noreferrer nofollow" target="null">saw the value of its Bitcoin holdings surge</a> to $100 million in November 2024, and the United States government now <a href="https://cointelegraph.com/news/how-much-bitcoin-does-us-have-where-did-it-come-from" rel="noopener noreferrer nofollow" target="null">holds over $17 billion in Bitcoin</a>.
While national governments garner the most attention, some state governments are thinking of creating Bitcoin reserves as well. In the US, Texas has <a href="https://cointelegraph.com/news/texas-senate-passes-bitcoin-strategic-reserve-bill" rel="noopener noreferrer nofollow" target="null">passed its Bitcoin reserve bill</a>, although it still must be signed into law by the state’s governor.
Bitcoin reserve bills in some states like <a href="https://cointelegraph.com/news/arizona-crypto-reserve-bills-pass-senate-inch-closer-to-law" rel="noopener noreferrer nofollow" target="null">Arizona</a> are inching closer to becoming law, though a few states have already <a href="https://cointelegraph.com/news/crypto-bills-across-us-bitcoin-reserves-task-forces" rel="noopener noreferrer nofollow" target="null">rejected their Bitcoin bills</a> for a variety of reasons.
Magazine: <a href="https://docs.google.com/document/d/1GRNztIvIJBtLmgACW6KDKt5Q3CKGeiYcsXVZxh6FSqM/edit?tab=t.0" rel="noopener noreferrer nofollow" target="null">Chinese Tether laundromat, Bhutan enjoys recent Bitcoin boost: Asia Express</a>

Bhutan government moves $63M BTC to three wallets

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