Bhutan Government Moved $63M Worth of Bitcoin (BTC) on March 24 to Three Wallets

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.

The small Himalayan kingdom of Bhutan, known for its stunning natural beauty and commitment to sustainable development, has been making headlines in the cryptocurrency sphere for its significant Bitcoin (BTC) holdings, which are a substantial portion of the nation's GDP.

According to Onchain Lens, which analyzed data from Arkham Intelligence, the Bhutan government moved 63 million in BTC on March 24 to three wallets.

One of the wallets now holds 600 BTC, valued at approximately $53 million at the time of writing.

Bhutan has been mining Bitcoin since 2019, leveraging its abundant hydroelectric power. In September, Arkham discovered the first wallet linked to the Bhutan government’s investment arm, Druk Holdings. Following the March 24 transfers, the wallet is funded with $889.9 million invested in Bitcoin.

Source: Onchain Lens

The statistics indicate that Bhutan’s cryptocurrency holdings constitute 30.7% of its gross domestic product (GDP), which, according to the latest figures from the World Bank, reached $2.9 billion in 2023.

Although Bitcoin is the primary asset in the Bhutan government's portfolio, the nation does not appear to be focusing solely on BTC for its strategic reserve. Other tokens in the Druk Holdings wallet include $334,580 of Ether (ETH) and smaller amounts of LinqAI (LNQ), Phil (PHIL), and Apu Apustaja (APU), among others.

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

In October 2024, Bhutan transferred $66 million of its BTC to Binance. Over the past two months, the government has been transferring smaller portions of Bitcoin and Ether from 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. In January 2025, Bhutan’s Gelephu Special Administrative Region announced plans to recognize a variety of digital assets as part of its strategic reserve.

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 is now holding more than $17 billion in Bitcoin.

While national governments receive the most attention, some state governments are turning their thoughts to creating Bitcoin reserves. In the US, Texas has passed its Bitcoin reserve bill, pending the signature of the state’s governor.

Bitcoin reserve bills in several states like Arizona are getting closer to becoming law, although a few states have rejected their Bitcoin bills for a variety of reasons.