The Royal Government of Bhutan has staked 320 Ether (ETH), valued at approximately $970,000, through Figment. This represents the latest on-chain activity from the Himalayan nation as it continues to expand its cryptocurrency holdings and validator operations.
Figment is a staking provider that assists large investors and institutions in staking digital assets across various blockchains, enabling them to earn rewards for securing proof-of-stake networks.
This development is part of a larger trend of Ethereum-focused initiatives from Bhutan. In October, the South Asian country, with a population of around 800,000, commenced the migration of its self-sovereign digital ID system from Polygon to Ethereum. This move allows residents to verify their identities and access government services on the Ethereum network.
The Ethereum integration is already operational, with the full migration of resident credentials anticipated by early 2026. This information was shared by Ethereum Foundation president Aya Miyaguchi during the launch event, alongside Vitalik Buterin and Bhutan’s prime minister, Tshering Tobgay.
Bhutan Expands Crypto Footprint
Bhutan has been actively involved with digital assets for several years. In 2019, the country began mining Bitcoin by leveraging its hydropower resources. According to Arkham data, Bhutan currently holds approximately 6,154 BTC, which is worth over $562 million at current market prices.
In July, Bhutan announced plans to enhance its tourism industry and attract younger travelers by integrating cryptocurrency payments nationwide. This initiative, supported by Binance, has already onboarded nearly 1,000 merchants and aims to modernize wire transfers and reduce transaction friction for tourists.
Bhutan’s increasing engagement with cryptocurrencies reflects broader trends observed in institutional and corporate Bitcoin accumulation, where significant holders are playing an increasingly influential role in the market.
Among corporate Bitcoin treasury holders, Michael Saylor’s Strategy leads with 649,870 BTC, while Marathon Holdings is in second place with 53,250 BTC.
The largest known Bitcoin holdings globally are still attributed to Satoshi Nakamoto, the pseudonymous creator of the network, who is estimated to control about 1.1 million BTC.