The small nation’s Ether staking adds to its expanding blockchain activity as it remains one of the few governments holding Bitcoin.
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Blockchain data shows the Royal Government of Bhutan has staked 320 Ether () worth roughly $970,000 through Figment, marking the latest onchain activity from the Himalayan state as it expands its crypto holdings and validator operations.
Figment is a staking provider that helps large investors and institutions stake digital assets across multiple blockchains and earn rewards for securing proof-of-stake networks.
The move adds to a growing wave of Ethereum-focused activity from Bhutan. In October, the South Asian nation of roughly 800,000 people began migrating its system from Polygon to Ethereum, allowing residents to verify their identities and access government services on the network.
The Ethereum integration is already live, with all resident credentials expected to be fully migrated by early 2026, said Ethereum Foundation president Aya Miyaguchi at the event launch alongside Vitalik Buterin and Bhutan’s prime minister, Tshering Tobgay.
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Bhutan has been leaning into digital assets for years. In 2019, the country quietly began accumulating Bitcoin by tapping its hydropower resources to mine the cryptocurrency. It holds about 6,154 BTC worth over $562 million at current prices, according to Arkham data.
In July, Bhutan announced and attract younger travelers by integrating cryptocurrency payments across the country. Officials said the move, supported by Binance, has nearly 1,000 onboarded merchants and is meant to modernize wire transfers and reduce friction for tourists.
Bhutan’s growing activity mirrors broader trends in institutional and corporate Bitcoin accumulation, where large holders have become increasingly influential in the market.
Among corporate BTC treasury holders, dominates with 649,870 BTC, while Marathon Holdings ranks a distant with 53,250 BTC.
The world’s largest known Bitcoin stash still belongs to Satoshi Nakamoto, the pseudonymous creator of the network, who is estimated to about 1.1 million BTC.
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