Bhutan Partners With Cumberland DRW to Build Digital Asset Infrastructure in Gelephu Mindfulness City
Bhutan signed a multi-year memorandum of understanding with Cumberland DRW to develop digital asset infrastructure in Gelephu Mindfulness City. According to Cointelegraph, the agreement was announced on December 15, 2025. Cumberland will support Bitcoin reserve management for the special administrative region. The market maker will establish operations in GMC and hire local talent.
Cumberland DRW is the digital asset division of Chicago-based trading firm DRW. The company has provided institutional liquidity in crypto markets since 2014. Cumberland serves global institutions across spot and derivatives markets. DRW founder Donald R. Wilson stated the company would support Bhutan's sustainable digital economy development.
The partnership includes exploring national cryptocurrency ecosystem development. Plans cover modern financial frameworks, sustainable mining operations, and artificial intelligence compute infrastructure. The initiative also addresses yield generation and stablecoin systems. Green Digital, a GMC-linked infrastructure company, will lead development efforts. The company operates renewable energy-powered computing facilities.
Strategic Reserve Integration
Bhutan holds approximately 11,400 Bitcoin worth $1.4 billion at current prices. The country began mining operations in 2019 when Bitcoin traded around $5,000. According to Al Jazeera, Bhutan uses surplus hydropower during summer months for mining operations. Prime Minister Tshering Tobgay confirmed the strategy in March 2025.
We reported that Bhutan transferred 650 Bitcoin worth $74 million to Binance over two weeks in July 2025. The transfers occurred as Bitcoin reached record highs above $120,000. The government still maintains substantial holdings despite regular market sales. Druk Holding manages these operations through six cryptocurrency mining facilities.
GMC designated Bitcoin, Ethereum, and BNB as strategic reserve assets in January 2025. The special administrative region will prioritize digital assets with large market capitalizations. Deep liquidity ensures easy buying and selling with minimal price impact. The reserves will include assets issued on mature, secure blockchains that support transaction monitoring.
Global Sovereign Strategy Comparison
Bhutan's model differs from other nations through its mining-focused approach. The country leverages hydropower capacity currently at 3.5 gigawatts with potential expansion to 33 gigawatts. Fortune Asia reported in May 2025 that Druk Holdings manages $3 billion in assets. The sovereign wealth fund treats Bitcoin as parallel to digital gold.
El Salvador adopted Bitcoin as legal tender in 2021 but faces integration challenges. The country holds 6,230 Bitcoin worth $678 million. International Monetary Fund loan conditions required ending taxpayer-funded Bitcoin purchases by July 2025. North Korea accumulated holdings through cyber operations rather than legitimate mining.
The memorandum of understanding outlines cooperation areas rather than binding commitments. Implementation depends on future negotiations and regulatory approvals. Bhutan operates under a Gross National Happiness model that prioritizes collective well-being over economic growth. This framework influences all digital asset development decisions. The country maintains carbon-negative status while expanding cryptocurrency operations. Critics question whether smaller nations can manage crypto exposure exceeding 40 percent of GDP during market volatility.
