The Kingdom of Bhutan has renewed its on-chain activity by staking 320 Ethereum (ETH) through the institutional provider Figment.io. The transaction, which occurred on November 27, 2025, is valued at approximately $970,820 and marks the nation’s first significant Ethereum move since May 2025.

On-Chain Activity and Validator Activation

The 320 ETH were transferred from wallets associated with Druk Holding and Investments, Bhutan’s official investment arm, directly to the Ethereum staking contract. This deposit is sufficient to activate 10 new validators on the network, as each validator requires a 32 ETH bond. Following this latest stake, Bhutan’s total Ethereum holdings have increased to 336 ETH, worth around $1.01 million.

On-chain analysts from platforms like Arkham Intelligence and Onchain Lens confirmed the transaction, linking the wallet addresses to Bhutan’s sovereign investment fund. The last notable ETH movement from these wallets was a transfer of 570 ETH to Binance in May 2025.

Bitcoin Remains the Primary Digital Reserve

While the recent staking signals a renewed interest in Ethereum, Bitcoin continues to be Bhutan’s primary crypto holding. The country’s reserves include 6,154 BTC, currently valued at over $560 million. Bitcoin, Ethereum, and Binance Coin have been designated as key reserve assets for the Gelephu Mindfulness City, a major economic development project.

According to officials, these assets were selected for their high liquidity and large market capitalization to help support the region’s digital economy and enhance its financial resilience.

National Digital ID System Migrates to Ethereum

Bhutan’s engagement with Ethereum extends beyond financial investment. The country has initiated the migration of its National Digital Identity (NDI) system from Polygon to the Ethereum main network. The government cited Ethereum’s robust security and extensive validator network as key reasons for the shift, which is expected to be completed by early 2026.

This move highlights a growing institutional adoption of Ethereum for critical infrastructure, not just as a speculative asset. By staking ETH and building its digital identity platform on the network, Bhutan is integrating blockchain technology into both its economic planning and public services, solidifying its long-term digital strategy.