Bhutan Stakes 320 ETH as Digital Asset Activity Continues to Grow

Blockchain records show that the Royal Government of Bhutan has staked 320 Ether, worth about $970,000, through the staking service Figment. The action marks another chapter in the nation’s expanding involvement in crypto networks, as it adds to its assets and builds out validator operations.

Figment works with institutions and major investors to help them stake digital tokens across several proof-of-stake blockchains. By taking part in staking, participants help support network security and receive periodic rewards, a model that has become common among long-term holders.

Bhutan’s engagement with Ethereum has increased steadily in recent months. In October, the government began shifting its self-sovereign digital ID system from Polygon to Ethereum. The platform allows residents to confirm their identities and gain access to public services through onchain verification.

According to Ethereum Foundation president Aya Miyaguchi, the system is already active, and all citizen credentials could fully move to the network by early 2026. The announcement was made at an event attended by Vitalik Buterin and Bhutan’s prime minister, Tshering Tobgay.

Bhutan’s Digital Asset Strategy Takes Shape

The country’s interest in crypto stretches back several years. In 2019, Bhutan began quietly mining Bitcoin by using its hydropower resources. Data from Arkham shows that the government now holds around 6,154 BTC, an amount worth more than $562 million at current prices.

Earlier this year, Bhutan announced a new initiative to support its tourism sector. The plan introduced cryptocurrency payments across the country, with nearly 1,000 merchants already included. 

Officials said the measure is intended to make payments easier for travelers and reduce complications that often come with international wire transfers.

Large Holders Continue to Shape the Market

Bhutan’s recent moves run alongside a global rise in crypto holdings among major governments and corporations. Among the biggest corporate Bitcoin reserves, Michael Saylor’s Strategy leads with 649,870 BTC. Marathon Holdings follows with 53,250 BTC.

Despite the growing presence of institutional players, the largest known Bitcoin reserve is of Satoshi Nakamoto, the pseudonymous creator of the network. Satoshi controls around 1.1 million BTC, which remained untouched since the earliest days of the blockchain.