The Kingdom of Bhutan moved more than $72.3 million in Bitcoin (BTC) from state-controlled wallets over the past 24 hours as it continues to liquidate parts of its holdings.
Druk Holding and Investments (DHI), the state-owned firm that oversees the country’s Bitcoin mining and crypto investments, transferred over 973 BTC across six transactions in the last day, Arkham Intelligence data shows. DHI also moved roughly 175 BTC (about $11.8 million) on March 10. Arkham noted Bhutan typically sells in $5–$10 million clips and had a particularly heavy selling period around mid–late September 2025.
Bhutan adopted a national Bitcoin Development Pledge to leverage its Bitcoin reserve and mining for long-term economic development. In December, the government said it would unlock 10,000 BTC from its stash to help fund the Gelephu Mindfulness City (GMC), a special administrative region project.
After the latest transfers, Bhutan’s holdings stand at just over 4,400 BTC, valued at more than $322 million per Arkham’s compilation. Arkham also reports that wallet addresses linked to Bhutan have not seen BTC inflows above $100 million in over a year, prompting speculation that the country may have curtailed or paused its mining operations.
Cointelegraph sought comment from DHI about its mining activities but had not received a response by publication.
Bhutan drew attention in 2024 and 2025 for mining Bitcoin using renewable energy, building a strategic BTC reserve, and adopting crypto-friendly regulations.
Bhutan has significantly downsized its holdings since 2024
The country transferred more than 284 BTC in February, roughly $22 million at the time, amid a prolonged crypto market downturn that followed the October 2025 crash. The crash pushed BTC to about $60,000—more than 50% below its all-time high near $126,000—before a partial recovery.
Bhutan’s holdings peaked at about 13,295 BTC in October 2024. That reserve would have been worth more than $1.6 billion at the October 2025 all-time high, immediately before the market collapse.
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