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Government of Bhutan Transfers $63M of Bitcoin to 3 Wallets
- The government of Bhutan has transferred 721.46BTC, worth approximately US$63.24M, to three newly created wallets over the past 24 hours.
- The main wallet still holds US$890M worth of cryptocurrencies, with the overwhelming majority of these funds being held in Bitcoin.
- Speculation exists as to whether this could signal a shift in Bhutan’s strategy regarding the custody and management of its assets.
- The Government of Bhutan has embraced Bitcoin as a reserve asset. Bhutan has been actively mining Bitcoin using hydropower from excess energy.
According to recent data, the government of Bhutan has transferred around US$63M (AU$100.2M) worth of Bitcoin to three newly created wallets on March 24, 2025.
The exact reason for the transfer of funds is unclear. It could be a routine transaction representing a minor change in how funds are being stored or managed. Alternatively, it could indicate a change of strategy regarding the custody or management of Bhutan’s Bitcoin.
Bhutan has been mining Bitcoin since April 2019, with Druk Holding & Investments acting as its sovereign investment arm. While Bhutan largely holds Bitcoin, the country also holds a small proportion of altcoins, including Ethereum and LinqAI.
Related: Sleeping Giant Awakens: $250 Million Bitcoin Wallet Stirs After Eight Years
Bhutan and Bitcoin
The Kingdom of Bhutan has been a large proponent of Bitcoin for several years and boasts one of the largest holdings of Bitcoin worldwide in comparison to other countries.
Some countries utilise Bitcoin in a multitude of ways, such as El Salvador which has made Bitcoin a legal currency. However, Bhutan has concentrated on accumulating Bitcoin for the more focused purpose of being a strategic reserve asset. Bhutan is now one of the top five largest holders of Bitcoin amongst governments worldwide.
Related: Bitcoin Holds Steady at $85k, Here’s What Comes in the Weeks Ahead, According to Analysts
Utilising Renewable Energy to Mine Bitcoin
Bhutan is a country which has capitalised upon hydropower, as it holds a vast array of rivers resulting from Himalayan glaciers.
With the summer months often producing an excess of energy compared to winter, Bhutan has utilised this excess energy as a source to mine Bitcoin.
Bitcoin is now reportedly a sizeable segment of Bhutan’s GDP, approximately 30% according to some sources.
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Bitcoin mining has resulted in economic growth with an expansion of jobs. The government of Bhutan has also been using its digital asset reserve to fund improvements in infrastructure, social services, and environmental initiatives.
This reportedly includes a new airport, with the available funds being attributed to Bhutan’s Bitcoin strategy generating success over recent years.
Several nations worldwide, as well as local states in the US, have already begun or are in the process of initiating Bitcoin and Crypto Strategic Reserves. This included the United States of America, which recently initiated an executive order to build a strategic reserve of digital assets.
Author
Matthew Sell
Matthew is an avid writer with a wealth of experience in the blockchain and FinTech industries. Matthew has also honed his writing skills through his tertiary studies in creative writing at the University of Oxford.
