South Asian country\u00a0Bhutan, a\u00a0Buddhist kingdom on the Himalayas\u2019 eastern edge,\u00a0has been revealed as a major Bitcoin holder, owning 13,011 BTC worth around $780.49 million, according to a report by Arkham Intelligence. The public data company identified Bhutan\u2019s Bitcoin addresses, marking the first time this information has been publicly shared.<\/p>\n
BREAKING: BHUTAN GOVERNMENT\u2019S $750M BTC NOW ON ARKHAM<\/p>\n
Bhutan\u2019s Bitcoin holdings are now labeled on Arkham. These holdings come from Bitcoin mining operations carried out by the Kingdom of Bhutan\u2019s investment arm, Druk Holdings.<\/p>\n
Arkham is the first to publicly identify these\u2026 pic.twitter.com\/a8ScUNJJ9F<\/a><\/p>\n \u2014 Arkham (@ArkhamIntel) September 16, 2024<\/a><\/p>\n “Bhutan is the 4th largest government with Bitcoin holdings on our platform, with over $750M in BTC,” Arkham stated<\/a> on X. “Unlike most governments, Bhutan\u2019s BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023.”<\/p>\n Arkham<\/a><\/p>\n Arkham<\/a><\/p>\n Bhutan\u2019s Bitcoin mining activities are conducted by the Kingdom\u2019s investment arm, Druk Holdings. According to Arkham, the country has constructed mining facilities at multiple sites, with the largest on the grounds of the defunct Education City project. Arkham further noted, “We were able to corroborate the timeline of on-chain mining activity with time-lapse satellite imagery of facility construction.”<\/p>\n In May of 2023, Bitdeer partnered<\/a> with Druk Holding & Investments to develop the 100% carbon-free Bitcoin mining operation in Bhutan.<\/p>\n