What you’re looking at

A crypto portfolio dashboard attributed to the Royal Government of Bhutan (Druk Holdings).

Total portfolio value shown: ~$523.44 million.

The account is labeled “Government” and “BTC Whale”, meaning it’s tracked as a large, high-confidence holder.

Key holdings

Bitcoin (BTC):

~5,984 BTC

Valued at ~$523.4M

Makes up virtually the entire portfolio

Minor dust balances (very small amounts):

ETH (~$959)

KIBSHI, APU, PHIL, LNQ (each worth tens or low hundreds of dollars)

Important context

Bhutan is known to mine Bitcoin using hydroelectric power, rather than buying BTC on the open market.

These wallets are commonly tracked by on-chain analytics platforms and are widely believed to be state-controlled mining wallets.

The tiny altcoin balances are likely:

Airdrops

Spam tokens

Accidental transfers

(not active investments)

Why this matters

Confirms nation-state level Bitcoin accumulation

Reinforces BTC’s role as a strategic reserve asset

Shows long-term holding behavior (no frequent selling)

If you want, I can:

Verify whether this screenshot matches a specific on-chain tracker

Break down how Bhutan mines BTC

Analyze what happens if/when a government moves coins

Turn this into a clean X/Twitter post or chart commentary