The Royal Government of Bhutan has transferred 319.7 BTC, worth approximately $22.7 million, to wallets linked to potential sales, according to on-chain data from Arkham Intelligence and Onchain Lens. The transaction, executed on Thursday, involved sending roughly 250 BTC to a wallet associated with sales via Galaxy Digital and OKX, with an additional 69.7 BTC moved to a new, unmarked address.
This sale is part of a steady and significant reduction in Bhutan's sovereign Bitcoin holdings. The nation's reserves have plummeted from a late-2024 peak of roughly 13,000 BTC to just 3,954 BTC (worth about $280.6 million) following the latest transfer. So far in 2026, the government has moved $215.7 million worth of bitcoin out of its holding addresses, with $162.6 million of that going to unlabeled wallets.
The assets are managed by Druk Holding and Investments Ltd., the country's sovereign wealth fund. While the exact purpose of the latest transactions is not officially confirmed, such movements are typically tied to funding needs and strategic reserve management. Speculation suggests Bhutan may have halted its historical method of accumulating Bitcoin through hydropower-backed mining, as its last significant inflow was recorded over a year ago.
Bitcoin's price fell 1.3% to around $70,859 in the 24 hours following the news, though it remains significantly below its all-time high near $124,900 reached in October 2025.