The Government of Bhutan has expanded its Bitcoin investment, boosting its holdings to over $1 billion.
Highlights:
- Bhutan’s Bitcoin holdings have exceeded $1 billion.
- Druk Holdings facilitates Bhutan’s Bitcoin investments.
- Bitcoin’s price continues to climb.
Bhutan has intensified its Bitcoin (BTC) investment and reserve approach. Despite its recent entry into the Bitcoin mining space, the country has rapidly increased its holdings. According to Arkham Intelligence, Bhutan’s Bitcoin assets have now reached a valuation of over $1 billion.
Bhutan and Bitcoin: An Economic Strategy Bhutan’s foray into Bitcoin was prompted by economic shifts following the COVID-19 pandemic, which impacted its tourism industry. Redirecting its surplus energy, the country began mining Bitcoin to generate revenue.
Data from Arkham Intelligence reveals that Druk Holdings, managing Bhutan’s BTC operations, holds approximately $1.03 billion in Bitcoin, or 12,568 BTC. The current bull market has further elevated the valuation of Bhutan’s holdings.
Druk Holdings also possesses other digital assets, including 656.039 Ethereum (ETH) valued over $2 million, 8.889 KIBSHI tokens worth $128.98, and 69 million BOBO tokens worth $98.67.
Although Bhutan is committed to Bitcoin, it does not solely rely on mining and occasionally liquidates portions of its BTC holdings, as seen in Arkham’s balance data.
Governments and Corporate Bitcoin Investments Bitcoin’s growing importance has led several countries and corporations to reconsider their stance on the cryptocurrency. Besides Bhutan, the United States is exploring a potential Bitcoin reserve, a concept proposed by Donald Trump during his campaign.
Corporate entities like MicroStrategy are also acquiring Bitcoin. Recently, MicroStrategy added 27,200 BTC, bringing its total to 279,420 BTC.
Through spot ETFs, more Wall Street firms are supporting Bitcoin, anticipating long-term growth. Bhutan and MicroStrategy’s Bitcoin strategies have already proven beneficial as Bitcoin recently reached a new all-time high of over $84,000.
Currently, Bitcoin is priced at $84,257.31, up 5.59% in the past 24 hours, with a 50% surge in trading volume, reaching $94.2 billion.
