The post Bhutan Government Tops Bitcoin Bag, Now Holds $1 Bln BTC appeared on BitcoinEthereumNews.com.

The Government of Bhutan has doubled down on its Bitcoin (BTC) investment and reserve strategy. For a country that just came into the limelight recently for its mined Bitcoin stash, it has pressed the gas with no intention of slowing down. Per current data from Arkham Intelligence, the Bitcoin in store by the Government of Bhutan has crossed the $1 billion valuation milestone. Bhutan and Bitcoin: The Perfect Mix The entry of Bhutan into the Bitcoin landscape came out of economic necessity. Following the COVID-19 pandemic, one of its biggest industries – Tourism – took a big hit. As a result, the country pivoted and deployed its excess energy resources to start mining Bitcoin. Per data from Arkham Intelligence, Druk Holdings, the entity that helps the Royal Government of Bhutan to administer its BTC trades now holds exactly $1,033,855,613.15 in the coin. While the government has not necessarily bought or announced new mining, the ongoing bull rally has increased its valuations. As of writing, Druk Holdings holds 12,568 BTC overall, worth the approximately $1 billion. It remains in the list of the top contries with BTC portfolio. The Royal Government of Bhutan now owns $1 Billion in Bitcoin. pic.twitter.com/y8MQdCqMDy — Arkham (@ArkhamIntel) November 11, 2024 As showcased by the Arkham Intelligence data, Bhutan also holds other assets in the Druk Holdings wallet. After BTC, Bhutan also holds 656.039 Ethereum worth over $2 million, 8.889 KIBSHI tokens worth $128.98 and 69 million BOBO tokens of $98.67. Despite its highly positive disposition to Bitcoin, the country is not completed all out to mine and HODL. In the balances history shared by Arkham, the government sells its BTC stash ocassionally, evident by the bump in the shared chart. Governments and Corporate BTC Bet The relevance of Bitcoin has forced a number of countries…

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Filed under: News - @ November 12, 2024 2:18 am