Bhutan has quietly accumulated roughly 12,000 Bitcoin since 2020, a stash now valued at about $1.3 billion.
Bhutan has quietly accumulated roughly 12,000 Bitcoin since 2020, a stash now valued at about $1.3 billion. The holding equals around 40 percent of the Himalayan kingdom’s gross domestic product, making the country the world’s third-largest sovereign owner of the cryptocurrency.
The state-backed mining initiative is overseen by Druk Holding and Investments through its subsidiary Green Digital, drawing on Bhutan’s abundant hydropower to keep energy costs low. Singapore-based Bitdeer Technologies helped build two of at least six mining sites and pays the government for electricity in U.S. dollars, shoring up foreign-currency reserves.
Officials say the Bitcoin will be retained as a long-term store of value, likening the asset to gold and reversing an earlier practice of selling tokens to fund spending. The strategy is intended to diversify an economy heavily reliant on hydropower, though some lawmakers have urged greater transparency around the secretive project.
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