The Royal Government of Bhutan moved 533 BTC worth approximately $34.5 million to a Binance deposit address in multiple batches, according to onchain data from analytics firm Arkham. The transfers were executed from a wallet tagged as belonging to Druk Holding & Investments, the state investment arm, marking one of the largest known sovereign fund movements to a centralized exchange in recent months.
The largest individual transaction involved 227.19 BTC valued at roughly $14.7 million, while another batch of 48.22 BTC was sent for about $3.1 million. Several smaller transfers, ranging from fractions of a bitcoin to just over 2 BTC, were also routed to the same Binance address. Arkham tracked the activity and asked on social media whether the government was selling its bitcoin.
Following the transfers, Bhutan’s publicly labeled bitcoin holdings dropped to 1,749.96 BTC (around $113.7 million), a steep decline from the peak of approximately 13,000 BTC recorded in October 2024. Last month, Arkham reported a separate outflow of 100.44 BTC to an unlabeled address and noted that total outflows from Bhutan-linked wallets exceeded $230 million since the beginning of 2026. The government has not issued any public comment on the latest transfers.
Bhutan accumulated its bitcoin reserves through hydroelectric-powered mining operations rather than criminal seizures, setting it apart from most other nation-state holders. It currently ranks as the seventh-largest known sovereign bitcoin holder globally, behind the U.S., China, the UK, Ukraine, El Salvador, and the UAE, according to Bitcoin Treasuries data. The country’s total wallet also includes a nominal 1.034 ETH worth about $1,820. Bitcoin traded near $65,221 at the time, down 1.2% over 24 hours.
