Bhutan · Druk Holdings
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Acquisition History
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Treasury Metrics
What is Bhutan · Druk Holdings?
The Kingdom of Bhutan is one of the few sovereign states with Bitcoin in reserve. Through its state investment arm, Druk Holding & Investments (DHI), it mined Bitcoin using its abundant hydroelectric power, peaking near 13,000 BTC. In 2026 it is in a monetization phase: around 3,100 BTC remain, which it is using to fund national projects such as Gelephu Mindfulness City.
History and model
Bhutan quietly accumulated Bitcoin for years through Druk Holding & Investments (DHI), the kingdom's sovereign fund, based in Thimphu. Rather than buying it on the market, it mined it using surplus hydroelectric power, among the cleanest and cheapest in the world. The existence of these reserves was not made public until 2023-2024, when on-chain analysis and court proceedings tied to exchanges revealed the scale of the country's holdings.
Bitcoin strategy
Bhutan's model was accumulation through mining, not leveraged buying: it converted hydroelectric power into Bitcoin as a way to monetize an abundant natural resource. Holdings reached around 13,000 BTC by late 2024, placing Bhutan among the largest sovereign holders in the world relative to its size. According to on-chain analysis, however, mining activity appears to have paused around November 2024.
From peak to drawdown
Since late 2024, Bhutan has shifted from accumulation to monetization: it has sold around 70% of its reserves in 18 months, down to roughly 3,100 BTC in 2026. The stated use of these funds is to finance national development projects, in particular Gelephu Mindfulness City, an ambitious special economic city. It is a textbook case of how a state can use a strategic Bitcoin reserve as a lever for public funding.
Position on SatsIntel
In the SatsIntel directory, Bhutan is a sovereign treasury, a category it shares with [El Salvador](/en/treasuries/el-salvador) but with an opposite profile: while El Salvador bought Bitcoin and made it legal tender, Bhutan mined it quietly and is monetizing it for public spending. It does not trade and has no mNAV; its relevance is geopolitical and demonstrates Bitcoin's role as a state reserve asset.
Frequently asked questions
How much Bitcoin does Bhutan hold?
Bhutan holds roughly 3,100 BTC in 2026, after selling around 70% of reserves that peaked near 13,000 BTC in late 2024. Exact figures vary by on-chain tracking methodology, since the country does not publish detailed official data.
How did Bhutan get its Bitcoin?
Bhutan did not buy its Bitcoin on the market: it mined it through its sovereign fund, Druk Holding & Investments (DHI), using surplus hydroelectric power. It is one of the few cases worldwide of state-scale Bitcoin mining financed with renewable energy.
Why is Bhutan selling its Bitcoin?
Bhutan has moved from an accumulation phase to a monetization phase: it uses part of its reserves to finance national development projects, especially Gelephu Mindfulness City. The selling also reflects pressure on miners after the 2024 halving and the decision to turn the asset into public spending and investment.
Is Bhutan still mining Bitcoin?
According to on-chain analysis, Bhutan's mining activity appears to have paused or slowed significantly since around November 2024, with no major new inflows recorded. The country seems to have moved from mining to managing and monetizing existing reserves.
Is Bhutan like El Salvador?
Both are sovereign states with Bitcoin in reserve, but with opposite models. El Salvador bought Bitcoin on the market and made it legal tender; Bhutan mined it quietly with hydroelectric power and has not made it legal tender, instead managing it as a sovereign investment asset through its DHI fund.
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Disclaimer: SatsIntel is for informational purposes only. It is not an authorized crypto-asset service provider (CASP) and does not provide financial, tax or legal advice. Crypto-assets are high-risk assets and may result in the total loss of the invested capital. See the legal terms.