The Bhutan government moved $63 million worth of Bitcoin (BTC) on March 24 to three wallets, according to Onchain Lens, which analyzed data from Arkham Intelligence.

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

Source: Onchain Lens

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, reached $2.9 billion in 2023.

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 (ETH) and smaller amounts of LinqAI (LNQ), Phil (PHIL), and Apu Apustaja (APU), among other coins.

Crypto holdings of the Bhutan government as of March 24, 2025. Source: Arkham Intelligence

In October 2024, Bhutan moved $66 million of its BTC holdings to Binance. Over the past two months, the government has been moving small portions of Bitcoin and Ether out of its main wallet to other addresses.

Governments adopt cryptocurrency reserves

Bhutan’s national government isn’t the only government body adopting cryptocurrency in the country — the practice has filtered down to the city level as well. In January 2025, Bhutan’s Gelephu Special Administrative Region announced plans to recognize a variety of digital assets as part of its strategic reserve.

Related: Bitcoin’s role as a reserve asset gains traction in US as states adopt

Governments that have adopted a Bitcoin strategic reserve have seen their holdings multiply during this 2024-present bull run. El Salvador saw the value of its Bitcoin holdings surge to $100 million in November 2024, and the United States government now holds over $17 billion in Bitcoin.

While national governments garner the most attention, some state governments are thinking of creating Bitcoin reserves as well. In the US, Texas has passed its Bitcoin reserve bill, although it still must be signed into law by the state’s governor.

Bitcoin reserve bills in some states like Arizona are inching closer to becoming law, though a few states have already rejected their Bitcoin bills for a variety of reasons.

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