On November 27, 2025, the government of Bhutan moved 320 Ethereum (ETH) into staking via institutional provider Figment.io, at an estimated value of $970,000. The action has attracted attention in both crypto and policy circles, as it ties a sovereign treasury to active participation in a public blockchain.

Details of the Staking Move

• The 320 ETH created 10 new validators, in line with Ethereum’s requirement of 32 ETH per validator.
• The transaction and validator setup were fully recorded on-chain, visible to blockchain trackers shortly after execution.
• This marks Bhutan’s largest ETH action since May 2025, when it transferred 570 ETH to a Binance wallet.

Beyond Treasury Management

Bhutan is not just holding crypto as an asset. By staking ETH, the country:

• Secures the Ethereum network as an active validator.
• Earns staking rewards, contributing modestly to the state treasury.
• Ties into plans to transition parts of its digital identity project from Polygon to Ethereum, positioning ETH as part of public infrastructure rather than just an investment.

Implications for Bhutan

• Bhutan already holds about 6,154 BTC, making Bitcoin its primary reserve asset.
• Staking ETH demonstrates a strategic experiment in using crypto for investment and state services.
• The move emphasizes a trade-off: illiquid assets versus participation rewards and network involvement.

Broader Context

• While modest in size globally, the staking is symbolic: few sovereign states actively run validators on major smart-contract chains.
• Analysts and regulators are watching closely, considering whether Bhutan’s approach could influence other small nations to experiment with crypto reserves and blockchain participation.