On-chain data revealed that the Royal Government of Bhutan deposited 320 ETH, or approximately $970,000, into the Ethereum staking contract via Figment on November 27, 2025. This has triggered the activation of 10 validators. Each validator requires exactly 32 ETH, placing the total at the right threshold. The transaction is linked to addresses controlled by Bhutan’s state investment arm, Druk Holdings.
Figment serves as a staking service that supports large investors and organizations in securing proof‑of‑stake networks while earning incentives across multiple blockchains.
Ethereum as a backbone for national digital identity
Bhutan’s history with cryptocurrency has mostly revolved around Bitcoin. Because of its abundant hydropower, Bhutan started mining Bitcoin around 2019 and has accumulated substantial reserves. But the shift towards Ethereum began in October, when the Himalayan kingdom launched its national digital identity (NDI) system anchored in this network.
Bhutan is the first country in the world to use a public network to set up a blockchain-based identity system for a large number of people. The system covers about 800,000 people. Authorities said that Ethereum’s maturity, decentralization, global validator network, and long-term security were some of the main reasons for switching from Polygon to Ethereum.
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Bhutan doesn’t put personal information on the blockchain; instead, it stores cryptographic proofs and hashes on Ethereum. Personal information stays off-chain or in the user’s safe wallet. By early 2026, all credentials should have been moved over.
From Bitcoin Stronghold to Ethereum Infrastructure
Until now, Bhutan’s primary focus in its sovereign reserve has been on Bitcoin, holding approximately 6.154K BTC. Now, it wants to diversify and is no longer just stacking coins; it is looking to build infrastructure. The country is giving its citizens self-sovereign control over their data by putting their identities on Ethereum. The government can verify these identities, and they can be cryptographically confirmed without giving away personal information or relying on a central database.
Bhutan uses proof-of-stake economics by staking ETH, which could earn them staking rewards instead of just sitting on unused tokens. The fact that the government is staking ETH through Figment shows that it is becoming more confident in crypto as a basic technology, not just an investment.
