In recent years, Bhutan has quietly become one of the world’s largest state holders of Bitcoin. Since 2020, the country has accumulated over 12,000 BTC—an amount equal to 40% of its GDP. This move marks a significant shift in the nation’s economic strategy, blending its focus on happiness and sustainability with digital innovation.
Bhutan’s Growing Bitcoin Fortune
Since 2020, Bhutan has been discreetly mining and accumulating Bitcoin. As of June 27, 2025, according to Arkham Intel, the country’s Bitcoin holdings are valued at nearly $1.3 billion. This figure represents about 40% of Bhutan’s GDP, making it one of the most crypto-oriented nations in the world.
The management of Bhutan’s Bitcoin reserves falls under Druk Holding and Investments (DHI), a state-owned investment company that serves as the government’s main financial arm. DHI’s CEO, Ujjwal Deep Dahal, stated that entering Bitcoin mining was a natural decision for Bhutan, given its access to cheap and sustainable hydropower.
Green Energy Powers Bitcoin Mining
Bhutan began mining Bitcoin in 2020, leveraging its surplus of renewable energy. While many countries are still experimenting with or regulating cryptocurrencies, Bhutan has fully embraced and systematically invested in the crypto sector.
Today, Bhutan holds more Bitcoin than countries like Ukraine or El Salvador. Only the United States and China surpass Bhutan in the global ranking of state Bitcoin holders. In addition to Bitcoin, Bhutan also owns Ethereum worth over $1 million. Although this is a much smaller amount, it signals a thoughtful approach to diversifying its digital asset portfolio.
A New Vision for Bhutan
Bhutan’s investment in Bitcoin could have a profound impact on the country’s future. Traditionally prioritizing Gross National Happiness over GDP, Bhutan is now blending sustainable energy, financial innovation, and sovereign digital reserves into a modern economic vision.
