Bhutan Stakes 320 ETH Worth $970K via Figment

The Royal Government of Bhutan has moved 320 Ethereum (ETH), worth about $970K, to Figment, a company that helps institutions stake cryptocurrencies. 

This transfer has drawn attention, as it comes just weeks after the government moved its self-sovereign national ID system from Polygon to Ethereum, which allowed about 800,000 citizens to verify their identity and access the government services using Ethereum’s blockchain.

Using Figment for staking allows the country to take part in the network while earning rewards. It also shows that the government is becoming more active in the crypto world and is using it for real systems in the country.

Multiple transfers recently

This move comes two months after the government transferred 800 Bitcoin (BTC), worth around $92.06 million, into two new wallets in August.

Earlier that month, the government transferred 517 BTC, worth about $59 million, to Cobo Custody, a company that stores crypto for users. A few weeks before that, an on-chain researcher known as “Onchain Lens” said Bhutan moved 650 BTC to Binance. 

These repeated transfers show the government adjusts and manages its crypto holdings often, depending on what it needs at the time. Each transfer adds to the growing interest in Bhutan’s activity in the crypto market.

Regardless of these transfers, Bhutan still holds a large amount of Bitcoin. Its investment arm, Druk Holding and Investments (DHI), controls more than 6,154 Bitcoin. At current prices of around $90,907 per Bitcoin, this stash is worth more than $558 million.

This makes Bhutan one of the larger government holders of Bitcoin in the world, behind countries like the United States, China, the United Kingdom, Ukraine, and North Korea. 

History with cryptocurrency 

Bhutan’s crypto journey quietly began in 2019 when it started mining and acquiring Bitcoin and other cryptocurrencies at a low cost. At the time, the country was looking for new ways to grow its small economy. 

Bhutan, with a population of around 800,000 people, relies mainly on agriculture, tourism, and hydropower. Crypto became a new investment path to support its national goals and future projects. Over the years, the government has continued to build its crypto reserves and experiment with blockchain technology.

The country has also linked crypto to real economic use. In May, it launched a crypto payment option for tourists using Binance Pay in partnership with DK Bank. The government is utilizing its hydropower resources to support eco-friendly crypto mining. It also has one of the cleanest electricity sources in the entire world.

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