Bhutan, a small country with a population of under one million, has become the world's fourth-largest sovereign owner of Bitcoin. The Kingdom of Bhutan holds over 13,000 Bitcoin tokens valued at more than $750 million. This puts Bhutan behind only the U.S., China, and the U.K. in terms of BTC holdings. Unlike other governments, Bhutan acquired its Bitcoin through mining operations carried out by its investment arm, Druk Holdings. The country has expanded its mining operations since early 2023 and has set up several mining facilities. Despite its large Bitcoin holdings, Bhutan's overall crypto strategy remains largely unknown. This news raises concerns about whether governments owning Bitcoin aligns with the ethos of the cryptocurrency's creator, Satoshi Nakamoto. As more sovereign BTC caches are discovered, it becomes important to understand who else owns Bitcoin and what their plans are for it.



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