On-chain analytics platform Arkham Intelligence pointed to a group of addresses holding 13,029 BTC (around $758 million), claiming it is the first to publicly identify Bhutan’s Bitcoin holdings.

These holdings come from Bitcoin mining operations carried out by the Kingdom of Bhutan’s investment arm, Druk Holdings (DHI). Arkham’s data also reveals that Druk Holdings also holds 656 ETH worth around $1.5 million, along with a small amount of BNB and Polygon