Bhutan Collection Increases, Now Holds Ethereum Rp48 Billion

The Bhutanese government through Druk Holdings is known to not only hold Bitcoin (BTC), but also to possess a large amount of Ethereum (ETH). Data from Arkham Intelligence notes that their reserves reach 656,021 ETH valued at around Rp48 billion.
The current price of Ethereum is at the level of US$4,463.08 per token on Sunday (21/09), which makes the position of Bhutan's crypto assets increasingly significant. This step demonstrates a strategy for diversifying digital assets beyond Bitcoin.
Druk Holdings, which is an extension of the monarchy, continues to actively seize opportunities in the digital asset sector. This boldness also reflects Bhutan's long-term vision in leveraging blockchain technology.
Nevertheless, Arkham Intelligence assesses that this Ethereum holding is only a small part of Bhutan's total crypto portfolio. The largest portion is still concentrated in Bitcoin, valued at over US$1 billion, amounting to 9,652 BTC.
On the other hand, the government of Bhutan has recently been reported to have transferred 913 Bitcoin worth US$107 million to two new wallets this week. According to Lookonchain, this movement could potentially create selling pressure in the market, especially after The Fed cut interest rates for the first time in 2025.