Bhutan government transfers $63 million in Bitcoin to three wallets

Odaily News The Bhutanese government transferred $63 million worth of Bitcoin to three wallets on March 24, one of which held about 600 Bitcoins, worth about $53 million. Since 2019, Bhutan has used abundant hydroelectric power to mine Bitcoin, and a wallet of investment institution Duke Holdings held $889.9 million in Bitcoin after the transfer.
Bhutan's cryptocurrency reserves account for 30.7% of its GDP as of 2023. In addition to Bitcoin, Duke Holdings' wallets also hold small amounts of Ethereum and other cryptocurrencies.
In October 2024, Bhutan transferred $66 million worth of Bitcoin to Binance, and has recently continued to transfer Bitcoin and Ethereum to other addresses.
Bhutan is not only adopting cryptocurrency at the national level, the Kleb Special Administrative Region plans to include a variety of digital assets in its strategic reserves. (Cointelegraph)