According to the source, the Royal Government of Bhutan reportedly holds $982M in crypto with the vast majority in BTC and just 0.073% in ETH (about $717K), as stated in a social media post on X dated Sep 21, 2025 (source: X social media post, Sep 21, 2025). Bhutan’s state investment arm, Druk Holding & Investments (DHI), previously announced a partnership with Bitdeer to build large-scale, carbon-free Bitcoin mining operations in Bhutan, indicating state-linked BTC activity (source: Bitdeer Technologies Group press release, May 3, 2023; Bitdeer SEC filings, 2023). DHI also appeared in U.S. bankruptcy court materials related to Celsius, highlighting prior involvement with crypto platforms (source: U.S. Bankruptcy Court SDNY, Celsius Network LLC, Case No. 22-10964, 2023 filings). For trading, monitor on-chain wallets attributed to DHI by blockchain analytics and watch BTC and ETH liquidity during Asia hours for unusual flows that could follow sovereign treasury activity (sources: Arkham Intelligence entity attribution for Druk Holding & Investments; Kaiko Research liquidity reports 2023–2024).