according to the materials of the site - By BTC Peers
Bhutan signed a multi-year memorandum of understanding with Cumberland DRW for the development of digital asset infrastructure in the city of mindfulness Gelefu. According to Cointelegraph, the agreement was announced on December 15, 2025. Cumberland will support the management of Bitcoin reserves for the special administrative region. The market maker will establish operational activities in the city and hire local specialists.
Cumberland DRW is a division of the digital assets trading firm DRW based in Chicago. The company has been providing institutional liquidity in cryptocurrency markets since 2014. Cumberland serves global institutions in spot and derivatives markets. DRW founder Donald R. Wilson stated that the company will support the sustainable development of Bhutan's digital economy.
The partnership involves studying the development of the national cryptocurrency ecosystem. Plans cover modern financial structures, sustainable mining operations, and artificial intelligence computing infrastructure. The initiative also addresses issues of yield generation and stablecoin systems. Green Digital, associated with GMC and engaged in infrastructure projects, will lead the development. The company manages data centers powered by renewable energy sources.
Bhutan holds about 11,400 bitcoins worth 1.4 billion dollars at current prices. The country began mining in 2019 when bitcoin was trading at around 5,000 dollars. According to Al Jazeera, Bhutan uses excess hydroelectric power in the summer months for mining. Prime Minister Tshering Tobgay confirmed this strategy in March 2025.
We reported that Bhutan transferred 650 bitcoins worth 74 million dollars to Binance over two weeks in July 2025. The transfers occurred when bitcoin reached record highs above 120,000 dollars. The government still maintains significant reserves despite regular market sales. Druk Holding manages these operations through six mining sites for cryptocurrencies.
In January 2025, GMC identified bitcoin, ethereum, and BNB as strategic reserve assets. The special administrative region will prioritize digital assets with large market capitalization. High liquidity ensures easy buying and selling with minimal price impact. Reserves will include assets issued on mature, secure blockchains that support transaction monitoring.
Bhutan's model differs from other countries with its mining-focused approach. The country utilizes hydropower capacities currently at 3.5 gigawatts, with potential expansion to 33 gigawatts. In May 2025, Fortune Asia reported that Druk Holdings manages assets worth 3 billion dollars. The sovereign fund considers bitcoin as a form of digital gold.
El Salvador adopted bitcoin as legal tender in 2021 but faces integration challenges. The country holds 6230 bitcoins worth 678 million dollars. The International Monetary Fund's loan conditions required the cessation of bitcoin purchases funded by taxpayers by July 2025. North Korea has accumulated assets through cyber operations rather than legitimate mining.
The memorandum of understanding outlines areas of cooperation, not binding commitments. Implementation depends on future negotiations and regulatory approvals. Bhutan operates under a model of gross national happiness, prioritizing collective well-being over economic growth. This concept influences all decisions regarding the development of digital assets. The country maintains a carbon-neutral status while expanding its cryptocurrency activities. Critics question the ability of small countries to manage a share of cryptocurrencies exceeding 40 percent of GDP amid market volatility.
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