Bhutan’s Bitcoin stash hits $1 billion as speculation around nation state adoption intensifies

Bhutan’s Bitcoin reserves have quietly swelled to over $1 billion, positioning the small Himalayan kingdom as a unique player in the world of sovereign wealth.
According to Arkham Intelligence data, Bhutan’s government-owned Druk Holdings has reportedly amassed over 12,500 BTC, marking a significant commitment to digital assets amid growing interest in crypto as a strategic asset.
Strategic reserve
While Bhutan’s crypto investments are not new, the kingdom’s position as a significant Bitcoin holder has drawn fresh attention following Donald Trump’s election victory.
Advocates within the crypto community have long speculated that a US-led Bitcoin reserve might become a reality, especially with Trump’s support for digital assets and deregulation. Lawmakers have already introduced draft legislation to create such a stockpile for the US, while Trump himself has previously said he would ensure the US does not sell the Bitcoin it already holds.
Bhutan, which began building its Bitcoin reserves several years ago via mining, now finds itself at the center of this global dialogue, not for initiating a new movement but as an example of how smaller nations might navigate digital asset adoption.
The appreciation of Bhutan’s holdings exemplifies a forward-thinking strategy that could serve as a model for similar economies seeking to diversify beyond conventional reserves.
Trump’s pro-business stance and openness to deregulation have fueled expectations that his administration could endorse Bitcoin as a strategic asset, potentially reshaping how the US approaches its reserves.
Financial analysts believe that a US Bitcoin reserve could shift the dynamics of sovereign wealth, influencing other countries to adopt similar policies. This has given rise to much speculation about which country could be the first to go public with such an intent.
Nation-state adoption
Satoshi Act Fund CEO Dennis Porter recently teased people to “guess” the first country to begin accumulating Bitcoin as a reserve asset, hinting that he knew the answer.
Some speculated that he was talking about the US; however, other rumors suggest it could be one of several other countries, including Qatar and the UAE, both of which have been the centerpiece of such unsubstantiated rumors for a while now.
Apollo CEO Julian Fahrer shared a list of the eight leading sovereign wealth funds, including the UAE, China, and Norway, that are well-positioned to adopt Bitcoin as part of their national reserves.
Unsubstantiated reports have further stoked this speculation, particularly rumors of an unknown entity purchasing 100 Bitcoin daily over an extended period. Initially rumored to be Qatar, this activity remains unconfirmed, leaving open the question of whether it’s linked to a government entity or another institutional buyer.
If Trump’s administration does pursue a Bitcoin reserve, it would mark an unprecedented shift in US financial policy, potentially influencing global markets and signaling a new era in digital asset adoption among nation-states.
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