Bhutan Government's $750M BTC Now on Arkham

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Bhutan’s Bitcoin holdings are now labeled on Arkham. These holdings come from Bitcoin mining operations carried out by the Kingdom of Bhutan’s investment arm, Druk Holdings. Arkham is the first to publicly identify these addresses.

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Bhutan is the 4th largest government with Bitcoin holdings on our platform, with over $750M in BTC. Unlike most governments, Bhutan’s BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023.

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Bhutan has constructed Bitcoin mining facilities in multiple locations, with the largest being on the site of the now-defunct Education City project. We were able to corroborate the timeline of on-chain mining activity with time-lapse satellite imagery of facility construction.

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Track Bhutan’s Bitcoin on Arkham here.