YEREVAN (CoinChapter.com) — The Bhutan government transferred $63 million worth of Bitcoin (BTC) to three separate wallets on March 24, 2025, according to Onchain Lens. The movement was identified through data from Arkham Intelligence, which tracks blockchain transactions. One of the wallets now holds 600 BTC, valued at around $53 million at the time of writing. The reason behind the transfers remains unknown, but Bhutan has been actively managing its cryptocurrency reserves over the past year.
Bhutan’s Crypto Holdings Account for 30.7% of GDP
Bhutan has mined Bitcoin using its hydroelectric power since 2019. In September 2024, Arkham Intelligence identified a wallet linked to Druk Holdings, the nation’s sovereign investment arm. After the latest transactions, this wallet still holds $887.7 million in Bitcoin. The holdings represent 30.7% of Bhutan’s GDP, which was $2.9 billion in 2023, according to World Bank data.
The country’s main cryptocurrency holdings consist primarily of Bitcoin, but Druk Holdings also holds smaller amounts of Ether (ETH), LinqAI (LNQ), Phil (PHIL), and Apu Apustaja (APU). Despite Bitcoin making up the majority of the assets, these additional holdings indicate some level of diversification.
Bhutan has previously moved large amounts of Bitcoin. In October 2024, the government transferred $66 million worth of BTC to Binance. Over the last two months, Bhutan has been moving smaller amounts of Bitcoin and Ether from its primary wallet to other addresses. The purpose behind these transactions remains unclear, but the government continues to manage its digital asset reserves.
Governments Increase Bitcoin Reserves
Several governments have built Bitcoin reserves, particularly during the ongoing bull market. In November 2024, El Salvador reported that its Bitcoin holdings had reached $100 million. The United States government now holds over $17 billion in Bitcoin, making it one of the largest institutional holders of the cryptocurrency.
State-level governments have also considered adopting Bitcoin reserves. In the United States, Texas passed a Bitcoin reserve bill, but it still requires approval from the governor. Other states, including Arizona, have advanced similar legislation, though not all have moved forward with such proposals.
In January 2025, the Gelephu Special Administrative Region in Bhutan announced plans to integrate digital assets into its strategic reserves. This marks an expansion of Bitcoin adoption beyond the national government and suggests an increasing role for cryptocurrencies in Bhutan’s financial policies.
