Bhutan’s Bitcoin holdings surpass $1b

Bhutan, the Himalayan kingdom renowned for its happiness index, has seen its Bitcoin holdings surge to over $1 billion as the crypto market rallies.

Arkham, in data shared via X on Nov. 11, revealed that the Royal Government of Bhutan’s total Bitcoin (BTC) holdings had surpassed the $1 billion mark. The blockchain intelligence and analytics platform’s post came as the flagship cryptocurrency soared amid massive bullish momentum.

Bhutan’s foray into crypto isn’t new, with the South Asia country having invested millions of dollars in digital assets before. The country also sought partnerships with Bitcoin miners and in May 2023, allocated 5% of its gross domestic product on mining the world’s most popular cryptocurrency.

In September this year, Bhutan’s BTC holdings increased to over 13,000 bitcoins with the total value at the time around $750 million. While the figure was much lower than huge holdings of the United States, China and the United Kingdom, Bhutan held more than El Salvador. Notably, El Salvador is the first country to adopt Bitcoin as legal tender.

According to Arkham, Bhutan now holds 12,568 BTC, valued at more than $1 billion as Bitcoin’s price crossed the $82,000 level. The current value of Bhutan’s BTC holdings stands at $1.08 billion.

This figure could rise further if Bitcoin’s price continues its upward momentum, potentially exceeding $86,000 amid market enthusiasm.

Bhutan’s strategy contrasts with that of Germany, which sold its entire 50,000 Bitcoin holdings earlier this year, contributing to selling pressure on BTC.

Additionally, former U.S. President Donald Trump pledged during his campaign to never sell U.S. Bitcoin holdings, vowing instead to create a strategic Bitcoin reserve.