Bhutan Transfers $34.5 Million in Bitcoin to Binance as National Holdings Continue to Shrink

The Royal Government of Bhutan has transferred 533 Bitcoin worth approximately $34.5 million to cryptocurrency exchange Binance, according to onchain data published by Arkham. The transactions were made from wallets linked to Druk Holding & Investments, the country’s state-owned investment arm.

Data shows the transfer was completed through multiple transactions. The largest single transfer involved 227.194 BTC valued at around $14.7 million, while another moved 48.228 BTC worth roughly $3.1 million. Several smaller transfers, ranging from fractions of a bitcoin to just over 2 BTC, were also sent to the same Binance deposit address.

Holdings Drop Below 1,750 BTC

Following the latest movement, Bhutan’s publicly identified wallets now hold 1,749.96 BTC valued at approximately $113.7 million, along with 1.034 ETH worth about $1,820. The remaining bitcoin balance is significantly lower than the country’s estimated peak holding of around 13,000 BTC in October 2024.

Questions Raised Over Potential Sales

The transfer is the latest in a series of notable outflows from Bhutan-linked wallets. Arkham reported that more than $230 million worth of assets had left government-associated addresses since the start of 2026. Last month alone, Bhutan moved 100.44 BTC worth $8.2 million to an unidentified wallet.

Bhutan Remains a Major Bitcoin Holder

Unlike many governments that acquired Bitcoin through asset seizures, Bhutan built its reserves through hydroelectric-powered mining operations. Despite recent reductions, the country remains the seventh-largest known nation-state holder of Bitcoin, behind the United States, China, the United Kingdom, Ukraine, El Salvador and the United Arab Emirates.