South Asian country Bhutan, a Buddhist kingdom on the Himalayas’ eastern edge, has been revealed as a major Bitcoin holder, owning 13,011 BTC worth around $780.49 million, according to a report by Arkham Intelligence. The public data company identified Bhutan’s Bitcoin addresses, marking the first time this information has been publicly shared.

“Bhutan is the 4th largest government with Bitcoin holdings on our platform, with over $750M in BTC,” Arkham stated on X. “Unlike most governments, Bhutan’s BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023.”

Bhutan’s Bitcoin mining activities are conducted by the Kingdom’s investment arm, Druk Holdings. According to Arkham, the country has constructed mining facilities at multiple sites, with the largest on the grounds of the defunct Education City project. Arkham further noted, “We were able to corroborate the timeline of on-chain mining activity with time-lapse satellite imagery of facility construction.”

In May of 2023, Bitdeer partnered with Druk Holding & Investments to develop the 100% carbon-free Bitcoin mining operation in Bhutan.

Earlier this year, a Bloomberg report revealed that Druk Holding & Investments and Bitdeer were expanding their mining capacity from 100 to 600 megawatts. Bhutan’s focus on eco-friendly mining is bolstered by its abundant hydropower resources, making it an ideal location for eco-friendly mining.

Hong Kong‘s spot Bitcoin ETFs saw their largest inflow of funds in over a month today, highlighting growing Asian interest in Bitcoin investment vehicles.

JUST IN: 🇭🇰 Hong Kong #Bitcoin ETFs saw $15 million in inflows today, the highest in a month.

Slowly and steadily 🙌 pic.twitter.com/Q83tjbS0ML

— Bitcoin Magazine (@BitcoinMagazine) August 22, 2024

The ChinaAMC Bitcoin ETF took in 274 Bitcoin worth around $15 million on August 22nd, its biggest single day of inflows since July 12th. The other two Hong Kong spot Bitcoin ETFs – Bosera Hashkey and Harvest saw no flows today.

Hong Kong approved its first three spot Bitcoin ETFs earlier this year, following the launch of similar products in the U.S. and Europe. The ETFs allow investors to be exposed to Bitcoin prices without having to handle the asset directly.

While Hong Kong’s Bitcoin ETF volumes pale compared to those in the U.S., inflows have been steadily climbing. The ChinaAMC Bitcoin ETF is the largest of the Hong Kong products, with over $141 million in net assets. Bosera Hashkey and Harvest Bitcoin ETFs have around $99 million and $30 million, respectively, under management.

The total assets under management across the three Hong Kong Spot Bitcoin ETFs is approximately 4,450 BTC worth around $270 million. 

While still modest, the growing inflows indicate increasing bitcoin interest and adoption among Asian institutional investors. As Bitcoin matures into an established asset class, Asian and global investors are seeking regulated exposure through products like spot ETFs.