Bhutan has quietly mined over 12,000 BTC since 2020, turning Bitcoin into a sovereign reserve worth $1.29 billion.
With nearly 40% of its GDP in Bitcoin, Bhutan ranks just behind the U.S. and China in nation-state BTC holdings.
As El Salvador leads with legal tender, Bhutan and others are adopting Bitcoin as digital armor in a shifting global economy.
The Royal Government of Bhutan has built a $1.29 billion crypto portfolio dominated by Bitcoin. That stash now equals nearly 40% of the country’s GDP, placing Bhutan among the top three nation-state Bitcoin holders globally.
Bhutan’s Bitcoin Vault Makes It a Stealth Whale
In a post by Crypto Patel, it was revealed that Bhutan has mined over 12,000 BTC since 2020 without any major headlines. With Bitcoin trading at $67,023, those holdings now total $1.29 billion. Bhutan’s quiet buildup now ranks it third behind the U.S. and China in sovereign BTC ownership.
https://twitter.com/CryptoPatel/status/1938605235662127273
This wasn't a short-term play. Wallet data shows consistent accumulation, pointing to long-term conviction. Blockchain labels such as “BTC Whale,” “Government,” and “MultiSig Deployer” confirm institutional-grade handling under Druk Holdings, Bhutan’s state-owned investment arm.
Bhutan’s stealthy approach reflects a new era where countries are treating Bitcoin as digital gold. While other governments delay, Bhutan is storing wealth on-chain, raising its influence in the crypto macro playbook.
Inside Bhutan’s On-Chain Treasury Gameplan
According to on-chain analytics tools, Bhutan’s crypto portfolio is built primarily on Bitcoin with 12.962K BTC in custody. BTC makes up nearly the entire holding, with Ethereum holdings sitting at just 656.812 ETH, worth around $1.61 million. Ethereum trades at $2,450.62 with a 1.53% dip.
This Bitcoin-heavy treasury structure reveals a hard-money thesis focused on asset preservation and long-term upside. Minimal exposure to Ethereum signals that Bhutan isn’t chasing altcoin narratives but betting on Bitcoin as a nation-state reserve.
Wallet classifications like “Contract Wallet” and “MultiSig Deployer” show that Bhutan uses smart contract tools to secure its crypto reserves. These custody layers reduce risk and reflect the maturity of the country’s blockchain strategy.
Bitcoin as Digital Sovereignty: Global Governments Take Note
Recent macro trends show a growing list of countries moving into crypto for economic defense and innovation. El Salvador was the first to accept Bitcoin as legal cash and initiate volcano-powered BTC mining. That brave step provoked international debate.
Bhutan has officially joined the small but increasing group of countries that use cryptocurrency as a national asset. Other countries, including as the UAE, Nigeria, and Argentina, are testing cryptocurrency railroads, Bitcoin bonds, and mining equipment. Governments are understanding that blockchain can strengthen financial independence.
As fiat uncertainty rises, Bitcoin is becoming digital armor for emerging economies. Bhutan’s bold move shows that crypto is no longer just a hedge—it's a sovereign weapon in the age of digital finance.
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