The Bhutan government moved $63 million worth of Bitcoin (BTC) on March 24 to three wallets, according to Onchain Lens, which analyzed data from Arkham Intelligence.
One of the wallets now holds 600 BTC worth approximately $53 million at time of writing.
Bhutan has leveraged its abundant hydroelectric power to mine Bitcoin since 2019. In September 2024, Arkham indicated that it had found the first wallet tied to the Bhutan government’s investment arm, Druk Holdings. After the March 24 transfers, the wallet holds $889.9 million invested in Bitcoin.
Source: Onchain Lens
The statistics indicate that Bhutan’s cryptocurrency holdings represent 30.7% of its gross domestic product (GDP), which, according to the latest data from the World Bank, reached $2.9 billion in 2023.
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