Bhutan stakes 320 ETH through Figment

The Royal Government of Bhutan staked 320 ETH, worth about $970,820, through staking provider Figment, bringing 10 Ethereum validators online.

Blockchain records show the deposit reached Ethereum’s staking contract on Nov. 27, 2025 (UTC). Data from Arkham Intelligence links the funding addresses to Druk Holding and Investments, the government’s investment arm. Each validator on Ethereum requires 32 ETH.

It is the first on-chain Ethereum activity tied to Bhutan since May. In May, 570 ETH-then valued around $1.02 million-moved to a Binance hot wallet. After the new staking, government-linked wallets hold 336 ETH, about $1.01 million.

ETH is Bhutan’s second-largest crypto position after bitcoin. Arkham data shows holdings of 6,154 BTC, roughly $560.26 million, with only small balances in other tokens.

Government materials list bitcoin (BTC), ether (ETH) and Binance Coin (BNB) as reserve assets for the Gelephu Mindfulness City initiative, selected for liquidity and market capitalization.

Bhutan is also expanding Ethereum use in public services. The National Digital Identity program began migrating from Polygon to Ethereum last month. Government statements cite security, transparency and user control as reasons for the change, with completion expected by early 2026.

As we covered previously, Bhutan launched its National Digital Identity system on Ethereum, becoming the first country to use blockchain for citizen IDs, with full migration of credentials planned by early 2026 after an earlier pilot on Polygon. 

Ethereum Foundation President Aya Miyaguchi announced the launch, and she and Vitalik Buterin attended a ceremony with King Jigme Khesar Namgyel Wangchuck; the program began in October 2023 when The Gyalsey became the first digital citizen. Bhutan also holds 11,286 BTC via DHI’s hydropower-backed mining and, in January 2025, set a strategic reserve of BTC, ETH and BNB for Gelephu.