Bhutan Transfers $11.8 Million in Bitcoin From State Holdings

The government of Bhutan has transferred 175 BTC, valued at about $11.8 million, from its national cryptocurrency holdings, according to on chain data from Arkham Intelligence. The funds were sent from a primary government wallet to another address created roughly a month earlier.

Blockchain records show the destination address previously received 184 BTC from Bhutan. While the recently transferred 175 BTC remain in that wallet, the earlier batch was later sent to a separate address that has accumulated more than 1,900 BTC since 2024.

Bhutan’s Bitcoin Strategy and Periodic Sales

Analysts note that Bhutan has periodically moved Bitcoin in similar amounts before selling portions of its holdings. Previous transactions included transfers connected to sales of roughly $7 million in BTC through QCP Capital.

Bhutan has built a significant reserve of Bitcoin since launching state-backed mining operations in 2019, powered largely by surplus hydroelectric energy. The country is estimated to have accumulated around 13,000 BTC over time.

Revenue generated from these digital assets has reportedly supported public spending, including healthcare programs, environmental initiatives and salaries for government employees.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.