Bhutan Deepens Crypto Play: Stakes 320 Ethereum Post $1B BTC Plans
Bhutan’s strategic foray into cryptocurrency continues to gain momentum, with the Royal Government recently staking 320 Ethereum through Figment. This move demonstrates the country’s long-term confidence in the ETH token and its efforts to leverage blockchain technology for economic growth and innovation.
Notably, this comes hot on the heels of the government’s decision to invest a staggering $1 billion in Bitcoin to develop a new administrative region. By embracing blockchain and diversifying its digital asset portfolio and allocation, Bhutan is positioning itself as a global leader in the crypto space.
Bhutan’s Bold Ethereum Move: $970K ETH Staking Unveiled
Analytics platform Onchain Lens took to X earlier today to reveal that the Royal Government of Bhutan has made a big bet on Ethereum. According to the X post, the country has staked 320 ETH, worth $906.5k via Figment, a leading staking provider.
This strategic move has added 10 new validators to the Ethereum network, accounting for 28% of the total supply. By doing so, Bhutan showcases its confidence in Ethereum’s proof-of-stake model, contributing to a more decentralized and robust network.
Significantly, this move builds on the government’s previous staking of 320 Ethereum via Figment. This staking platform enables large investors and institutions to stake digital assets across multiple blockchains, earning rewards for securing proof-of-stake networks.
These initiatives are a part of Bhutan’s ongoing efforts to expand its cryptocurrency holdings and validator operations. This latest ETH staking aligns with the growing trend of Ethereum-focused activity in the Himalayan region.
It is noteworthy that the country began transitioning its digital ID system from Polygon to Ethereum, allowing its 800,000 residents to verify their identities and access government services on the Ethereum network.
This Ethereum integration has already gone live, with all resident credentials expected to be fully migrated to the platform by early 2026.
Bhutan’s decision to stake Ethereum indicates the country’s efforts to utilize cryptocurrency beyond investment, exploring its potential for state services and network participation. Despite its substantial BTC holdings, the smaller-case ETH staking initiative showcases the country’s experimentation with new financial and technical models.
Unveiling Bhutan’s Ambitious Bitcoin Plans
Bhutan’s crypto portfolio is substantial, with about 6,154 Bitcoin valued at over $562 million. In a recent development, Bhutan pledged to allocate up to 10,000 BTC, valued at $860 million and $1 billion, for the development of Gelephu Mindfulness City (GMC). This move utilizes a portion of the country’s Bitcoin reserves to drive the creation of a new special administration region in Southern Bhutan.
Commenting on the nation’s vision, King Jigme Khesar Namgyel Wangchuck stated,
“As your King, I must ensure that every Bhutanese is a custodian, stakeholder, and beneficiary of GMC. This commitment is for our people, our youth, and our nation.”
As part of the country’s vision to revitalize its tourism industry and appeal to younger travellers, Bhutan announced plans in July to integrate crypto payments nationwide. Its cryptocurrency payment initiative, backed by Binance, has already onboarded nearly 1,000 merchants. This move aims to modernize wire transfers and enhance the tourist experience. The development reflects a broader trend of institutional and corporate accumulation of Bitcoin, where large holders are playing an increasingly significant role in shaping the market.
