Bhutan has quietly become one of the world’s largest nation-state holders of Bitcoin, accumulating roughly 13,000 BTC since launching state-backed mining operations in 2019. The initiative relies heavily on the country’s abundant hydropower resources, which generate surplus electricity during the summer months.

According to Prime Minister Tshering Tobgay, proceeds from the country’s Bitcoin strategy have helped fund healthcare programs, environmental initiatives, and public servant salaries. Bhutan’s crypto portfolio is managed by its sovereign wealth fund, Druk Holding and Investments, which also holds smaller amounts of other digital assets.