Bhutan Expands Its Crypto Engagement with Ethereum Staking and Digital ID Migration
The Royal Government of Bhutan has recently increased its cryptocurrency activities by staking approximately 320 Ethereum tokens worth around $970,000 through the staking platform Figment. This move signals a strategic expansion of the nation’s on-chain footprint, emphasizing its commitment to integrating digital assets and blockchain technology into official operations.
Figment specializes in providing staking services for institutional investors, enabling large-scale holders to secure proof-of-stake networks and generate staking rewards. Bhutanโs stake in Ethereum highlights its focus on leveraging blockchain for governance and digital identity management. Earlier this year, Bhutan commenced migrating its self-sovereign digital ID systemโoriginally hosted on Polygonโto Ethereum, facilitating seamless identity verification and access to government services. The full migration is anticipated to be completed by early 2026, according to Ethereum Foundation president Aya Miyaguchi, who announced the initiative alongside Ethereum co-founder Vitalik Buterin and Bhutanโs Prime Minister Tshering Tobgay.
Since its initial foray into digital assets in 2019, Bhutan has demonstrated an active approach to cryptocurrencies. Notably, the country has been mining Bitcoin using its abundant hydropower resources, accumulating approximately 6,154 BTC, valued at over $562 million at current prices. This move aligns with broader strategies to harness blockchain technologies for national development.
In July, Bhutan announced plans to promote its tourism sector by integrating cryptocurrency payments, in partnership with Binance. The initiative aims to onboard nearly 1,000 merchants, simplifying wire transfers and attracting a tech-savvy demographic of travelers. This approach reflects increasing institutional and governmental acceptance of cryptocurrencies as practical tools for economic growth and modernization.
The global landscape of Bitcoin holdings further underscores the rising influence of large-scale holders. Leading corporate treasuries hold substantial Bitcoin, with Michael Saylorโs MicroStrategy (NASDAQ: MSTR) owning nearly 650,000 BTC, and Marathon Digital Holdings possessing over 53,000 BTC. The largest known Bitcoin wallet remains that of Satoshi Nakamoto, estimated to control approximately 1.1 million BTC, maintaining its position as the most significant undisclosed holder in the market.
As nations like Bhutan deepen their involvement with blockchain and cryptocurrencies, their actions contribute to the evolving narrative of institutional adoption and technological advancement within the digital asset ecosystem.
