Bhutan’s $750M Bitcoin (BTC) Holdings Identified on Arkham

Bhutan’s
substantial
Bitcoin
(BTC)
holdings,
valued
at
over
$750
million,
have
been
publicly
identified
and
labeled
on
the
blockchain
intelligence
platform
Arkham,
according
to

arkhamintelligence.com.
These
holdings
are
derived
from
Bitcoin
mining
operations
conducted
by
Druk
Holdings,
the
investment
arm
of
the
Kingdom
of
Bhutan.

Details
of
the
Holdings

Unlike
most
government
Bitcoin
reserves,
which
typically
originate
from
law
enforcement
asset
seizures,
Bhutan’s
BTC
assets
are
the
result
of
extensive
mining
activities.
This
makes
Bhutan
the
fourth-largest
government
holder
of
Bitcoin
on
the
Arkham
platform.
The
mining
operations
have
significantly
scaled
up
since
early
2023.

Mining
Operations

Bhutan’s
Bitcoin
mining
facilities
are
located
in
various
locations,
with
the
largest
facility
situated
on
the
site
of
the
former
Education
City
project.
The
timeline
of
on-chain
mining
activity
has
been
corroborated
with
time-lapse
satellite
imagery
showing
the
construction
of
these
facilities.

Global
Context

This
revelation
places
Bhutan
among
the
top
government
holders
of
Bitcoin
globally,
highlighting
the
nation’s
strategic
approach
to
leveraging
cryptocurrency
mining.
Other
governments
with
significant
Bitcoin
holdings
typically
acquire
their
assets
through
confiscations
or
purchases,
making
Bhutan’s
mining-based
accumulation
a
unique
case.

The
identification
of
these
holdings
by
Arkham
marks
the
first
time
these
addresses
have
been
publicly
disclosed,
providing
transparency
to
the
scale
and
source
of
Bhutan’s
cryptocurrency
assets.

For
further
details,
visit
the
official
announcement
on

arkhamintelligence.com.

Image
source:
Shutterstock