In brief
- Bhutan announced a pledge of up to 10,000 BTC, valued at approximately $1 billion, dedicated to developing Gelephu Mindfulness City.
- The kingdom does not plan to sell the Bitcoin, instead considering collateralization, risk-managed yield strategies, and long-term holding to preserve capital.
- King Jigme Khesar Namgyel Wangchuck said the commitment ensures every Bhutanese will be “a custodian, stakeholder, and beneficiary of GMC.”
Bhutan unveiled a pledge of up to 10,000 BTC on Wednesday, committing approximately $1 billion in sovereign digital asset reserves to develop Gelephu Mindfulness City, an economic hub in southern Bhutan.
“As your King, I must ensure that every Bhutanese is a custodian, stakeholder, and beneficiary of GMC,” His Majesty King Jigme Khesar Namgyel Wangchuck said in his National Day Address. “This commitment is for our people, our youth, and our nation.”
The Bitcoin Development Pledge represents one of the largest sovereign commitments of digital assets to infrastructure development globally, the city announced Wednesday.
The initiative will support job creation, economic development, and national resilience while allowing Bhutanese citizens from all regions to share in GMC’s success through a new land policy treating them as shareholders in the project.
“Think of GMC as a company and landowners as its shareholders,” His Majesty said. “Since most land is state-owned, Bhutanese from all Dzongkhags will share in its success.”
Jigdrel Singay, board director at GMC, told Decrypt that the 10,000 BTC will be held explicitly for GMC’s benefit and represents “both a reserve delegation and a proactive effort to generate yields from these BTC for the growth of GMC.”
Bhutan is not planning to sell the Bitcoin, preserving capital for long-term value appreciation, he added.
“The approach will be determined in the coming months, with options under consideration including collateralising the Kingdom’s BTC holdings, risk-managed yield and treasury strategies, and intentional long-term holding approaches designed to preserve and protect the value of its digital assets,” Singay said.
The Kingdom will manage its Bitcoin reserves with a focus on long-term value, strong oversight, and transparent governance.
The move marks one of the largest sovereign allocations of digital assets to infrastructure development and extends Bhutan’s years-long embrace of blockchain technology, which began with Bitcoin mining using hydroelectric power.
The kingdom now holds 5,984 BTC worth over $522 million, ranking seventh globally among sovereign Bitcoin holders, according to Arkham Intelligence data.
This year alone, GMC designated Bitcoin, Ethereum, and BNB as strategic reserves, partnered with Binance Pay in May to enable crypto payments across tourism, and integrated its National Digital Identity platform with Ethereum, making Bhutan the first nation to anchor population-scale identity systems on a public blockchain.
Last week, GMC launched TER, a gold-backed digital token on Solana, with DK Bank serving as the exclusive distributor.
“By issuing gold-backed digital tokens with sovereign branding, we are demonstrating how a crypto-friendly city can welcome responsible innovation while staying rooted in Bhutan’s values of transparency, sustainability, and long-term stewardship,” Singay said in a statement about the TER launch.
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