The Royal Government of Bhutan, through its state-owned investment arm Druk Holding and Investments (DHI), has moved another 175 Bitcoin (BTC) worth approximately $11.85 million. This transaction, identified by blockchain analytics firm Arkham Intelligence, follows a consistent pattern of periodic sales by the Himalayan nation.
The latest transfer brings Bhutan's total Bitcoin outflows for 2026 to roughly $42.5 million. This includes a series of transactions in February, where the government moved about $30.7 million worth of digital assets. Those February transfers included 184 BTC (worth $14.09 million) sent to the same wallet address used in the recent transaction, suggesting a recurring counterparty for over-the-counter (OTC) deals or treasury management. Two other transfers in February totaled roughly 200 BTC (about $15 million) sent to a merchant deposit address associated with trading firm QCP Capital. An additional $1.5 million USDT was transferred to a Binance hot wallet in the same month.
Arkham Intelligence notes that Bhutan has been selling Bitcoin "in clips of $5 million to $10 million," reflecting a careful, structured approach to managing its sovereign crypto reserves. The transfers to QCP Capital point to potential OTC sales or liquidity management rather than simple internal wallet movements.
Bhutan's Bitcoin holdings have declined sharply since late 2024. The country's treasury peaked at around 13,000 BTC, valued at over $1.5 billion when Bitcoin traded near $119,000. Since then, holdings have dropped by approximately 58% to roughly 5,400 BTC. At current prices near $69,000, the remaining reserves are valued at about $374 million. The drawdown began after October 2024 and has continued steadily.
Despite the reduction, Bhutan remains one of the world's largest sovereign holders of Bitcoin. Its reserves are unique because they were primarily built through state-backed Bitcoin mining powered by surplus hydropower, giving the government a minimal cost basis compared to entities that purchased assets on the open market. This strategy allowed for gradual accumulation since around 2021.
In a related development, Bhutan announced a national Bitcoin Development Pledge in December, committing up to 10,000 BTC to support the Gelephu Mindfulness City project, a special economic zone designed to integrate digital assets into its financial system. DHI continues to manage the country's Bitcoin reserves as part of its broader investment strategy.
