Bhutan Holds $755 Million in Bitcoin, Ranking Fourth Among Governments
The Royal Government of Bhutan possesses 13,029 Bitcoin (BTC), valued at around $755 million, as per Arkham Intelligence’s on-chain data.
Additionally, Bhutan’s wallets hold 656.013 Ethereum (ETH), valued at approximately $1.5 million.
Among governments, Bhutan ranks fourth in Bitcoin holdings. The US leads with 213,246 BTC, followed by China with 190,000 BTC. Bhutan surpasses El Salvador’s 5,800 BTC but falls short of the UK’s 61,000 BTC.
Bhutan’s Bitcoin reserves are linked to state-run mining operations rather than confiscations. The country, through its investment arm Druk Holding & Investments, has been mining Bitcoin for several years, ramping up operations in 2023 with hydroelectric-powered sites. Data shows Bhutan’s government began accumulating BTC in February 2021.
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In 2023, Bitdeer Technologies Group, a Bitcoin mining firm, launched a data center in Bhutan and, in April, partnered with Druk Holding to expand mining capacity sixfold. By mid-2025, mining output in Bhutan is set to reach 500 megawatts.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
