Bhutan Transfers $23 Million in Bitcoin as Holdings Drop 70% from Peak

The Royal Government of Bhutan recently moved approximately 319.7 BTC, valued at $22.68 million, across two wallets on Thursday, according to on-chain data. One recipient wallet reportedly routed funds for sales via Galaxy Digital and OKX, while the second was a new, unmarked address.

Year-to-Date Bitcoin Transfers

Arkham data shows Bhutan has transferred around $215.7 million worth of bitcoin from its holding addresses so far in 2026, with $162.6 million directed to unlabeled wallets. These transactions follow a broader trend, leaving Bhutan with 3,954 BTC, worth roughly $280.6 million. At its peak in October 2024, the country held nearly 13,000 BTC. Druk Holding and Investments Ltd., Bhutan’s sovereign wealth fund, manages these assets.

Mining and Market Context

Historically, Bhutan’s bitcoin accumulation came from hydropower-backed mining operations. However, reports suggest mining may have slowed or paused, as the last inflow exceeding $100,000 was over a year ago. Bitcoin prices fell 1.3% in the past 24 hours to $70,859, down from an all-time high of around $124,900 in October 2025.

The exact purpose of the recent transfers remains unclear, though such activity is often linked to potential asset sales or portfolio adjustments by the sovereign fund.

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.