Recent data reveals that Bhutan has unexpectedly taken the lead in state-held Bitcoin (BTC) reserves, boasting $782.46 million, significantly outpacing El Salvador, which holds $351.75 million.
With a population of only 782,000, Bhutan’s Bitcoin assets are more than double those of El Salvador, which has 6.3 million residents. This achievement places Bhutan third on the Sovereign Bitcoin Assets Leaderboard, following the US ($12.16 billion) and the UK ($3.67 billion).
Bhutan’s substantial Bitcoin reserves stem from its burgeoning mining industry, which began in April 2019 when BTC was valued around $5,000. The country’s sovereign investment entity, Druk Holding & Investments, initiated its mining efforts at that time. Utilizing its abundant hydropower resources, Bhutan has established large-scale mining operations.
The country’s Himalayan glacier-fed rivers provide a significant source of clean energy, with a potential hydroelectric capacity of 23,760 MW.
Hydropower constitutes 30% of Bhutan’s GDP, and in 2003, nearly all of the nation’s electricity—99.5%—was derived from hydropower. This robust clean energy framework enables Bhutan to expand its Bitcoin mining endeavors while adhering to its environmental commitments.
To illustrate Bhutan’s hydroelectric potential, its total capacity could power over 17 million American homes, more than double the energy requirements of a city like New York.
BitMEX co-founder Arthur Hayes has issued a cautious outlook for Bitcoin and the broader crypto market, predicting a possible short-term downturn as the U.S. government shifts its liquidity strategy.
Bitcoin’s bullish undercurrent continues to strengthen as on-chain data and derivatives market behavior reveal aggressive accumulation from long-term holders and whales.
As institutional adoption of Bitcoin accelerates, U.S. asset management giant Franklin Templeton has issued a cautionary note on the growing trend of crypto-based treasury strategies.
Bitcoin rose 1.78% over the past 24 hours to reach $109,500 at the time of writing, driven by surging institutional inflows into spot ETFs, easing global trade tensions, and strengthening technical momentum.