Bhutan purchases BTC, ETH and BNB as strategic reserves for Gelephu city
Bhutan’s newly established special administrative region, Gelephu Mindfulness City (GMC), is exploring the integration of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and BNB into its strategic reserves.
This move underscores the Kingdom’s efforts to leverage digital assets for economic growth, with its current Bitcoin holdings valued at $1 billion—equivalent to 34.48% of its $2.9 billion GDP as of 2023, reports Cryptopolitan.
Bhutan began mining Bitcoin when prices were around $5,000, positioning itself as a leader in sovereign digital asset holdings. Its partnership with Bitdeer Technologies has already launched a 100-megawatt mining facility, with plans to expand capacity to 500 megawatts by mid-2025. Powered by abundant hydropower, Bhutan’s mining operations prioritize sustainability, supporting consistent revenue streams and job creation.
Gelephu’s Vision and Future Plans
The development of Gelephu Mindfulness City highlights Bhutan’s commitment to balancing technological advancement with cultural preservation. King Jigme Khesar Namgyel Wangchuck emphasized the city’s role in providing economic opportunities for Bhutanese youth, urging them to stay in the country rather than seek work abroad.
A high-level meeting scheduled for March 2025 will focus on establishing a strategic reserve of digital assets and forming an international advisory committee to oversee the initiative. Bhutan’s long-term vision combines economic diversification with sustainable development, positioning itself as a global leader in integrating blockchain technology.
A New Model for Digital Asset Regulation
Bhutan’s regulatory framework for financial services and virtual assets is already attracting global players. Matrixport, a major crypto financial services company, has applied for a Financial Services Permission License to operate in GMC, reflecting confidence in the region’s regulatory approach.
By blending economic growth with sustainability and cultural preservation, Bhutan is pioneering a model that other nations may follow. As global interest in Bitcoin reserves grows, Bhutan’s proactive strategy offers a glimpse into the future of digital economies.
Recently we wrote, that the Chinese company BIT Mining, listed on the New York Stock Exchange, has announced the completion of a deal to acquire a mining facility in Ethiopia.
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