On June 27, it was reported that Bhutan's bitcoin reserves had reached US$1.3 billion, accounting for about 40% of the country's GDP. Dennis Porter, CEO of Satoshi Act Fund, called this a "crypto milestone." Bhutan started mining in 2020 at the initiative of King Jigme Khesar Namgyel Wangchuck to leverage its rich hydropower resources. Five years later, Bhutan has become the world's third-largest government holder of Bitcoin.