Arkham tweeted on X: "Bhutan is the fourth largest government holding Bitcoin, based on our platform's monitoring, with 13,011 BTC, worth over $750 million. Unlike most governments, Bhutan's BTC holdings don't come from asset seizures from law enforcement, but from mining operations. Its Bitcoin mining activities have grown rapidly since early 2023. Bhutan has built Bitcoin mining facilities in multiple locations, with the largest one located at the site of the now-closed Education City project."