Since initiating its Bitcoin mining program in 2020, Bhutan has quietly accumulated approximately 12,000 BTC, currently valued at around $1.3 billion. This reserve represents nearly 40% of the country's GDP, positioning Bhutan as the third-largest sovereign holder of Bitcoin globally, behind only China and the United States. The Himalayan kingdom has leveraged its abundant hydropower resources to mine Bitcoin, using the proceeds to offset declining tourism revenue and support government spending. Over the past year, Bhutan has sold about 2,100 BTC worth $188.7 million in five transactions. Since late June 2025, the Royal Government of Bhutan has been transferring significant amounts of Bitcoin to Binance, depositing over 650 BTC (approximately $74 million) within two weeks and totaling around 750 BTC ($86.36 million) by mid-July. Despite these sales, Bhutan still holds roughly 11,300 to 11,700 BTC, valued between $1.28 billion and $1.4 billion. The Bitcoin profits have reportedly been used to fund salary increases and healthcare aid. The management of Bhutan's Bitcoin holdings is conducted through Druk Holding & Investments (DHI), the country's state-owned investment entity.