Bhutan Quietly Stakes $971K in Ethereum

The Royal Government of Bhutan has added another significant entry to its growing cryptocurrency footprint, staking 320 Ethereum (ETH), worth nearly $971,000, per the recent on-chain data.

As it happens, the deposit was sent to Figment’s ETH2 staking infrastructure, according to the information shared by blockchain analytics platform Lookonchain in an X post on November 27.

The move follows a series of large BTC transfers made over the years, further confirming the government’s active management of its digital asset treasury, at a time when many sovereign governments remain cautious or publicly distant from digital assets.

Bhutan’s crypto involvement has steadily grown in recent years, ranging from Bitcoin (BTC) mining operations through its state investment arm, Druk Holding & Investments (DHI) to strategic BTC and ETH accumulation. 

Pattern of Strategic Activity

The 320 ETH stake follows a series of notable BTC transactions recorded over years, where wallet labels associated with the Royal Government of Bhutan moved and consolidated sizable amounts of Bitcoin, at times in multi-million-dollar batches.

This new stake appears to be part of a broader long-term accumulation and optimization plan involving ETH staking that provides predictable on-chain yield through validator rewards and Figment’s ETH2Deposit contract which is widely used by institutional clients seeking managed staking services.

This suggests Bhutan is not merely holding crypto but leveraging institutional-grade staking infrastructure to earn yield while minimizing operational risk.

Why This Matters

Bhutan’s involvement in crypto has often flown under the radar, but each move strengthens the country’s position ahead of Ethereum’s next major upgrades (like Fusaka hard fork in early December) and ongoing yield-generating opportunities in the ETH2 ecosystem.

The government hasn’t yet released an official statement, but the on-chain activity highlights Bhutan’s continued confidence in Ethereum as part of its sovereign investment strategy.

Currently, the world’s largest altcoin is changing hands at the price of $2,997.60, recording an increase of 3.3% in the last 24 hours, a decline of 0.92% across the previous seven days, and a  27.41% loss accumulated on its monthly chart, according to the most recent information.

With Ethereum’s roadmap pushing toward more efficient, scalable staking mechanics, Bhutan’s choice to increase exposure now may prove strategic. Whether these actions are part of a formalized national digital asset strategy or simply opportunistic treasury management remains unclear.

But the on-chain evidence points to one conclusion: Bhutan is quietly becoming one of the most crypto-progressive governments in the world.

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