Bhutan, a country with a population under 1 million, has become the world's fourth-largest sovereign Bitcoin owner, holding over 13,000 BTC (valued at $750 million) through its investment arm, Druk Holdings. Unlike other countries, Bhutan acquired its BTC through mining operations, leveraging its mountainous landscape to set up mining facilities. The government's crypto strategy remains unknown, raising questions about the intersection of national balance sheets and Bitcoin ownership.

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