Bhutan Government Transfers $25 Million in Bitcoin as Weekly Outflows Exceed 1,000 BTC

The Royal Government of Bhutan transferred approximately 374.9 BTC, valued at about $25.2 million, to an unlabeled address on Tuesday, extending a series of recent outbound transactions. The transfer occurred at 7:28 a.m. UTC to an address beginning with “bc1q0,” according to blockchain analytics platform Arkham, which has tracked Bhutan’s holdings since 2024.

Analysts at Onchain Lens reported that the recipient address had previously moved funds to investment manager Galaxy Digital, suggesting the transfers may be linked to asset sales. Weekly outbound transfers from Bhutan-linked wallets have now exceeded 1,000 BTC, including 519.7 BTC sent on March 25 and 123.7 BTC on March 27, with one address connected to trading firm QCP Capital.

Bhutan Bitcoin Holdings and Mining Strategy

Despite the transfers, Bhutan still holds around 3,954 BTC valued near $263.9 million, according to Arkham data. The reserves are managed by Druk Holding & Investments, Bhutan’s state investment arm. Bhutan built its holdings primarily through hydroelectric-powered bitcoin mining, though analysts noted that no major inflows above $100,000 have been recorded in more than a year, raising speculation about whether mining activity has slowed.

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