This BTC reserve will include major digital assets such as Bitcoin and Ether. It marks a significant step in the country’s engagement with the crypto world.
“GMC intends to recognize digital assets with large market capitalizations and deep liquidity,” the announcement stated. The city will focus on assets issued on more mature, secure blockchains that support transaction monitoring, further ensuring stability in its strategic reserve.
🔥 JUST IN: Bhutan’s Gelephu Mindfulness City announces plans to adopt BTC, ETH and BNB as part of its strategic reserves, making it one of the first special administrative regions in the world to hold digital assets in its strategic reserves. pic.twitter.com/wQoaeib40N
— Cointelegraph (@Cointelegraph) January 8, 2025
The move follows Bhutan’s established involvement in digital currencies, with Druk Holding and Investments (DHI), the commercial arm of Bhutan’s royal government, already holding significant amounts of Bitcoin and other digital assets. According to Arkham Intelligence , Bhutan currently holds 11,688 BTC, worth approximately $1.12 billion, and 656 ETH, valued at around $2.2 million. Additionally, the country holds small amounts of assets on blockchains like Polygon, BNB Chain, and Base.
Forbes reports that Bhutan has been investing in Bitcoin since at least 2019, largely through its local Bitcoin mining operations. In partnership with major crypto mining firms like Bitdeer, DHI has also made investments in troubled crypto lenders such as BlockFi and Celsius, reportedly pouring millions into digital assets.
Bhutan’s Gelephu City Adds Crypto to Its Reserves
Gelephu Mindfulness City (GMC) in Bhutan has announced that it will include Bitcoin ( $BTC ), Ethereum ( $ETH ), and Binance Coin ( $BNB ) as part of its financial reserves.
This makes GMC the first in South Asia to use digital… pic.twitter.com/TNslbd0ya3
— CryptoTvplus (@Cryptotvplus) January 8, 2025
This initiative positions Bhutan as a forward-thinking player in the global crypto scene, aiming to “kill two birds with one stone” by strengthening its economy while capitalizing on the growth of digital currencies. The GMC is expected to discuss its crypto reserve plans with senior government officials and global industry leaders in March. As it looks to forge a path in the evolving world of digital finance.
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