Bhutan quietly shuffled a substantial portion of its cryptocurrency holdings last week, moving 721.46 Bitcoin—worth approximately $63.24 million—to three newly created wallets. The transaction, which occurred on March 24, 2025, was reported by blockchain analysis firm Onchain Lens via X, sparking speculation throughout the crypto community about the mountainous kingdom’s intentions.
Despite this hefty transfer, Bhutan‘s primary wallet linked to Druk Holdings still maintains an impressive $889.9 million in Bitcoin. This crypto treasure chest represents a staggering 30.7% of the nation’s entire GDP, which the World Bank estimated at $2.9 billion in 2023. Think of it as keeping nearly a third of your net worth in digital gold—bold move for an individual, even bolder for a country!
The Himalayan nation has been quietly mining Bitcoin since 2019, leveraging its abundant hydroelectric power resources—essentially turning rushing mountain water into digital money. While Bitcoin dominates Bhutan’s crypto portfolio, they’ve dipped their toes into other cryptocurrencies too, holding $334,580 in Ether alongside smaller amounts of altcoins like LinqAI, Phil, and Apu Apustaja. This sovereign approach illustrates how decentralized finance solutions can operate independently from traditional banking systems.
This isn’t Bhutan’s first crypto shuffle. Since their government wallet was first identified in September 2024, they’ve transferred $66 million worth of Bitcoin to Binance in October and continued moving smaller portions of various cryptocurrencies over the past two months. The transaction demonstrates how government engagement legitimizes cryptocurrency as a serious asset class for sovereign wealth management.
The recent transfer could signal several strategies: taking profits amid Bitcoin’s notorious price swings, rebalancing their sovereign wealth fund, implementing enhanced security measures, or simply preparing liquid assets for potential market volatility.
Bhutan’s approach puts them in the company of other Bitcoin-holding nations like El Salvador, though with a much higher ratio of holdings to GDP. As the U.S. and various states explore similar strategies, Bhutan’s methodical engagement with cryptocurrency might offer a template for how smaller nations can leverage digital assets as part of their national financial strategy.
