Bhutan moves a further $23M in Bitcoin as holdings drop by 70%

Bhutan moved much Bitcoin from its sovereign-linked wallet connected Thursday, further reducing its erstwhile sizeable BTC stash and extending its months-long selling. 

Arkham data showed a wallet attributed to the Royal Government of Bhutan and its concern limb Druk Holding & Investment, transferred astir 319 Bitcoin (BTC), worthy astir $22.68 million, bringing full outflows since precocious October 2024 to much than 9,000 BTC.

The transportation follows a bid of caller wallet movements by the state flagged by Arkham. In March alone, the Bhutan-tagged wallet moved much than 1,667 BTC (roughly $120 million), taking Bhutan’s Bitcoin holdings from astir 13,000 BTC successful precocious 2024 to 3,654 BTC successful April, according to Arkham Intelligence’s tracking dashboard.

While that constitutes a astir 70% driblet successful the country’s BTC holdings, Bhutan is inactive the fifth-largest publically tracked nation-state holder, down the United States (328,000 BTC), the United Kingdom (61,000 BTC), El Salvador (7,600 BTC) and the United Arab Emirates (7,000 BTC).

Bhutan has not publically commented connected the caller disposals, and the enactment is inferred from wallet labels and transaction patterns tied to the authorities and Druk Holding & Investment.

Bhutan’s BTC holdings driblet to nether 4,000 BTC. Source: Arkham

Bhutan’s greenish Bitcoin strategy

The kingdom built overmuch of its presumption done state-backed mining that uses hydropower to enactment information centers, a strategy officials person framed arsenic portion of a “green Bitcoin economy” and a mode to diversify export revenues beyond energy sales.

Bhutan uses surplus, carbon-free hydropower to tally energy-intensive supercomputers that excavation Bitcoin, turning excess energy into a liquid integer export and exploring whether ample corporations could bargain its “green” coins to conscionable environmental, societal and governance targets.

Related: Bhutan to deploy Sei validator successful Q1, eyes tokenization collab

In December 2025, Bhutan unveiled a nationalist Bitcoin Development Pledge committing up to 10,000 BTC (roughly $1 cardinal astatine the time) to enactment the semipermanent development of its Gelephu Mindfulness City peculiar administrative region. 

Authorities said the allocation would beryllium managed done options specified arsenic utilizing Bitcoin arsenic collateral, low-risk yield-generating instruments oregon semipermanent holding arsenic portion of a broader strategy to anchor the caller economical hub successful integer assets and sustainable finance.

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