The Kingdom of Bhutan has announced a landmark sovereign commitment, pledging up to 10,000 Bitcoin (BTC) – valued at approximately $1 billion – to finance the development of a new economic hub named Gelephu Mindfulness City (GMC). The official press release on December 17 detailed that the funds will support infrastructure, technology, and urban planning for the project, which aims to create jobs and drive economic growth while aligning with Bhutan's holistic Gross National Happiness philosophy.
King Jigme Khesar Namgyel Wangchuck emphasized that "every Bhutanese is a custodian, stakeholder, and beneficiary of GMC." This pledge represents one of the largest sovereign Bitcoin commitments ever made for economic development. Unlike its sale of 512 BTC in mid-July when Bitcoin surpassed $120,000, Bhutan now plans to accumulate and hold Bitcoin for the long term, exploring collateralization and yield strategies to preserve the asset's value for the project.
The move builds upon Bhutan's established position in the crypto space. The nation, with a population under 800,000, has been a sovereign Bitcoin miner since 2019, utilizing its abundant hydropower for green mining. According to data from Arkham, Bhutan currently holds 5,984 BTC (worth over $520 million), though other reports suggest its total reserves may be as high as 11,286 BTC, placing it among the world's largest national holders.
In a related development to bolster its digital asset strategy, Bhutan signed a Memorandum of Understanding with Cumberland DRW on December 15 to support the management of the GMC Bitcoin reserves. Furthermore, the country has announced plans to tokenize its physical gold reserves on the Solana blockchain through the launch of TER, a crypto asset backed by gold.
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