The ownership of 13,029 BTC by Bhutan’s Druk Holdings is more than double that of El Salvador, according to reports.
According to recent reports from Arkham Intelligence, Bhutan has become the dominant participant in the Bitcoin market and has surpassed El Salvador in terms of Bitcoin holdings. Druk Holdings, or DHI, is an investment arm of Bhutan that controls as many as 13,029 BTC, which is equivalent to approximately $758 million at the current price, according to a report by this platform on September 16. This sum is twice as substantial as that of El Salvador.
Bhutan’s mining activities, which commenced in April 2019, produced the BTC it currently possesses, according to reports. The data from Arkham also indicates that Druk Holdings possesses 656 ETH (~ $1.5 million), in addition to lesser amounts of BNB and Polygon tokens. Bhutan is able to realize its carbon-neutral mining vision by utilizing hydroelectricity to power the mining process.
Furthermore, the report indicates that Bhutan’s Bitcoin holdings account for approximately 25% of its projected GDP in 2024. This is a significant figure in light of the fact that the population is relatively small, at approximately 790,000.
In contrast, El Salvador acquired Bitcoin in September 2021 at an average BTC price of $51,700. Bhutan currently maintains 5,875 BTC, which is equivalent to $331 million and comprises approximately 45% of its total reserves. El Salvador amassed its Bitcoin holdings at an average price of $43,900, which equates to a 32.6% increase if the current market value is considered. Conversely, Bhutan’s Bitcoin is indicative of a distinct set of market dynamics.
Although Bhutan and El Salvador both employ renewable energy in their mining operations, Bhutan employs hydroelectric power and El Salvador employs geothermal volcanic energy. Furthermore, Bhutan is expanding its mining capacity to accommodate a 500 megawatt expansion by mid-2025.
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