Recent findings by blockchain analytics firm Arkham Intelligence showed that the Kingdom of Bhutan ranks fourth globally in terms of government holdings of Bitcoin, putting the number of holdings at 13,000 BTC, worth approximately $750 million.

The BTC remains in the custody of Bhutan’s state investment wing, Druk Holding & Investments, or DHI in short. The small kingdom thus jumps ahead of more publicized crypto-adopters like El Salvador, which holds 5,876 BTC worth $331 million.

The point which distinguishes Bhutan is the source of its Bitcoin holdings—other governments usually lay their hands on the cryptocurrencies by way of seizures whereas Bhutan’s stores are a product of mining itself.

The country’s dive into cryptocurrency mining began in 2019, using its rich hydroelectric power to fuel green mining operations. In fact, one of the biggest facilities was built on the ruins of the former Education City project, a showcase of Bhutan’s commitment to this new digital frontier.

Data from Arkham further showed that DHI’s portfolio is not constrained to Bitcoin only but spills into Ethereum, BNB, Polygon, and Tether, among others. This diversified move hints at a full-fledged approach to cryptocurrency investment and mining.

The revelation of Bhutan’s large crypto holdings-estimated to be in thousands of dollars-comes just months after a Forbes report in April 2023 found that DHI was involved in multi-million-dollar deals with now-bankrupt crypto lenders BlockFi and Celsius, initially raising concerns of possible losses through speculative trading. DHI later clarified that no money was lost and that their Bitcoin mining had been ongoing since Bitcoin was priced around $5,000.