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Bhutan Surpasses El Salvador in Bitcoin Reserves, Reaches $765M

Bhutan's strategic Bitcoin mining has propelled it past El Salvador, showcasing a new trend in sovereign investment in cryptocurrency.

1 min 15 secSeptember 17, 2024

Highlights:

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Bhutan holds over 13,000 BTC, valued at $765 million.

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El Salvador's reserves are now less than half of Bhutan's total.

Bhutan Surpasses El Salvador in Bitcoin Reserves, Reaches $765M

Bhutan has recently emerged as the fourth-largest sovereign holder of Bitcoin, surpassing El Salvador in total reserves. According to blockchain analytics firm Arkham, Bhutan's holdings now exceed 13,000 BTC, valued at approximately $765 million. 

 

Source: Trader’s Union News

 

This significant accumulation positions Bhutan behind only the United States, China, and the United Kingdom in terms of government-held Bitcoin assets.

Unlike many countries that acquire Bitcoin through legal seizures or purchases, Bhutan's Bitcoin reserves have been amassed primarily through mining operations. 

 

The country's investment arm, Druk Holdings, has been actively expanding its mining capabilities since early 2023, utilizing its mountainous terrain to establish several facilities. Notably, one of these operations is based on the site of a defunct Education City project.

 

 

El Salvador, recognized for adopting Bitcoin as legal tender in 2021, currently holds around 5,800 BTC. This means Bhutan's Bitcoin reserves are more than double those of El Salvador.

 

 As global interest in cryptocurrency grows among sovereign nations, Bhutan's unique approach to accumulating Bitcoin highlights a new trend in national investment strategies within the crypto space.

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