Bhutan Moves 320 Ethereum To Staking

The Royal Government of Bhutan has strengthened its crypto infrastructure by staking 320 Ethereum tokens through Figment.io.

This move represents its most significant Ethereum-related activity in several months.

Government Allocates $970K in ETH to Validator Network

According to Onchain Lens, Bhutan transferred 320 ETH, worth approximately $970,820, to the Ethereum staking contract via the institutional provider Figment.io.

Data from Arkham Intelligence corroborates the transaction and links it to wallet addresses belonging to Druk Holding and Investments, the government’s investment arm.

Arkham records show the transaction occurred precisely at 10:30:35 UTC on November 27, 2025. The transfer is significant, as the amount corresponds to 10 Ethereum validators, each of which requires 32 ETH for activation.

Consequently, this reinforces Bhutan’s long-term engagement with Ethereum’s network infrastructure.

First Major ETH Movement by Bhutan Since May

Notably, the staking activity ends a months-long lull in Bhutan’s Ethereum operations. The government’s last major movement occurred in May, when it transferred 570 ETH, valued at about $1.02 million at the time, to a Binance hot wallet.

Following the new staking commitment, Bhutan now holds 336 ETH, valued at about $1.01 million. This makes Ethereum the country’s second-largest crypto holding after Bitcoin.

Bitcoin Still Dominates Bhutan’s Digital Portfolio

Although Ethereum remains a strategic asset, Bitcoin continues to dominate Bhutan’s reserves. Arkham data shows the government holds 6,154 BTC, valued at around $560.26 million, making it the core of the nation’s digital asset position.

In addition to BTC and ETH, Bhutan maintains a selection of smaller tokens. However, these represent a minimal portion of its overall crypto reserves.

Part of a Broader Crypto Reserve Strategy

The move aligns with Bhutan’s earlier decision this year to formalize Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) as strategic reserve assets for Gelephu Mindfulness City (GMC).

At the time, GMC officials said the assets were selected due to their strong liquidity and large market capitalization. Additionally, they expect these reserves to bolster economic resilience and support the region’s digital ecosystem.

Migration of NDI System to Ethereum

Meanwhile, Bhutan is also expanding its use of Ethereum for government services. Last month, the country began migrating its National Digital Identity (NDI) system from Polygon to Ethereum to improve security, transparency, and user control. The transition is expected to finish by early 2026, according to government statements.