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Binance CEO Richard Teng touched down in Bhutan this week as the country made headlines for holding $1.3 billion in Bitcoin, an amount equivalent to nearly 40% of its GDP.
Author: Sahil Thakur
Binance CEO Richard Teng touched down in Bhutan this week as the country made headlines for holding $1.3 billion in Bitcoin, an amount equivalent to nearly 40% of its GDP. The Himalayan kingdom has quietly become one of the largest sovereign holders of Bitcoin, trailing only the United States and China.
According to Arkham Intelligence, Bhutan now ranks as the world’s third-largest state actor in terms of Bitcoin reserves. The surge in holdings stems from a strategy launched in 2019–2020, leveraging the country’s hydropowered grid to mine Bitcoin sustainably and at low cost.
Bhutan’s accumulation strategy has been led by Druk Holding & Investments, a state-owned enterprise backed by the royal family. The country tapped surplus hydropower to mine Bitcoin in partnership with firms like Bitdeer and Green Digital, turning its abundant natural resources into economic advantage.
The approach not only helped offset losses from declining tourism but also allowed the government to double civil servant salaries and invest in development projects. With the announcement that it will now HODL its Bitcoin long-term, Bhutan is positioning the digital asset as a strategic sovereign reserve.
“We are now committed to holding our bitcoin reserves as a strategic asset for the kingdom’s future,” a Bhutanese official stated.
Teng’s visit comes just a month after Bhutan launched the world’s first national-level crypto tourism payment system in partnership with Binance Pay and DK Bank. The system allows tourists to use over 100 cryptocurrencies for virtually all expenses—airfare, visas, hotels, and even roadside purchases.
More than 100 merchants have already onboarded, and the system offers instant settlement into local currency through DK Bank, Bhutan’s first fully digital bank. The initiative eliminates high foreign exchange fees and expands financial access for small, remote businesses previously excluded from traditional systems.
“This is more than a payment solution – it’s a commitment to innovation, inclusion, and convenience,” said Damcho Rinzin, Director of the Department of Tourism.
Binance CEO Richard Teng praised Bhutan for its “bold and forward-looking” approach to digital assets.
He emphasized that the tourism payments system is part of a broader effort to show how crypto can empower real-world economies while supporting sustainable, inclusive growth.
Bhutan’s dual-pronged strategy—accumulating Bitcoin as a sovereign asset and deploying crypto infrastructure across the economy—has drawn international attention. Analysts say the country is quietly building a model for how emerging economies can use blockchain to modernize financial systems, boost fiscal resilience, and unlock new economic sectors.
As Teng tours the country, Bhutan appears committed to continuing its crypto-first approach, with hydropower-driven mining and blockchain-based tourism infrastructure now central to its national development plan.
| Country | Estimated BTC | Approx. USD Value | Source & Notes |
|---|---|---|---|
| United States | ~207,000 BTC | ~$22.5 billion | Largest holder—major seizures and part of newly created Strategic Bitcoin Reserve |
| China | ~190–194,000 BTC | ~$18–21 billion | Second-largest—assets seized from criminal cases |
| United Kingdom | ~61,000 BTC | ~$6.6 billion | From high-profile seizures such as the Jian Wen case |
| Ukraine | ~46,351 BTC | ~$5.03 billion | Accumulated through law enforcement seizures |
| Bhutan | ~13,000 BTC | ~$1.4 billion | Actively mined using hydropower; over $1 billion in value |
| El Salvador | ~6,000 BTC | ~$0.6 billion | Government has been buying and mining Bitcoin since its adoption as legal tender |
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