Bhutan stakes $970K ETH via Figment in validator push

Blockchain data shows the Royal Government of Bhutan has staked 320 ETH worth roughly $970,000 through Figment — the latest onchain move from the Himalayan state as it deepens its crypto footprint and validator game.

Figment is a staking provider that helps institutions stake digital assets across multiple blockchains and earn rewards for securing proof-of-stake networks.

This adds to Bhutan's growing Ethereum focus. In October, the South Asian nation (population: ~800k) began migrating its self-sovereign digital ID system from Polygon to Ethereum — letting residents verify identities and access government services on-chain.

The Ethereum integration is already live, with all resident credentials expected to be fully migrated by early 2026, said Ethereum Foundation president Aya Miyaguchi at the launch event alongside Vitalik Buterin and Bhutan’s prime minister, Tshering Tobgay.

Bhutan has been stacking digital assets for years. In 2019, the country quietly started accumulating Bitcoin by using its hydropower resources to mine crypto. It now holds about 6,154 BTC worth over $562 million at current prices, per Arkham data.

In July, Bhutan announced plans to boost tourism and attract younger travelers by integrating crypto payments nationwide. Officials said the move, backed by Binance, has nearly 1,000 onboarded merchants and aims to modernize wire transfers and reduce friction for tourists.

Bhutan’s growing activity mirrors broader trends in institutional and corporate Bitcoin accumulation, where large holders are increasingly shaping the market.

Among corporate BTC treasury holders, Michael Saylor’s Strategy dominates with 649,870 BTC, while Marathon Holdings ranks a distant second with 53,250 BTC.

The world’s largest known Bitcoin stash still belongs to Satoshi Nakamoto, the pseudonymous creator of the network, who is estimated to control about 1.1 million BTC.