Bhutan moved additional Bitcoin from a sovereign-linked wallet on Thursday, further shrinking its once-large BTC holdings and extending a months-long selling trend.
Arkham data showed a wallet attributed to the Royal Government of Bhutan and its investment arm, Druk Holding & Investment, transferred about 319 BTC (roughly $22.68 million). That brings total outflows since late October 2024 to more than 9,000 BTC.
The transfer follows several recent wallet movements flagged by Arkham. In March, the Bhutan-tagged wallet moved more than 1,667 BTC (about $120 million), cutting the nation’s holdings from roughly 13,000 BTC in late 2024 to about 3,654 BTC in April, per Arkham Intelligence’s tracking dashboard.
While this represents roughly a 70% reduction in Bhutan’s Bitcoin holdings, the kingdom remains the fifth-largest publicly tracked nation-state holder, behind the United States (about 328,000 BTC), the United Kingdom (around 61,000 BTC), El Salvador (roughly 7,600 BTC) and the United Arab Emirates (approximately 7,000 BTC).
Bhutan has not publicly commented on the recent disposals; the activity is inferred from wallet labels and transaction patterns tied to the government and Druk Holding & Investment.
Bhutan’s green Bitcoin strategy
Bhutan accumulated much of its position through state-backed mining that uses surplus hydropower to run energy-intensive data centers. Officials have promoted this as a “green Bitcoin economy,” converting excess, carbon-free electricity into a digital export and exploring whether corporations might buy its “green” coins to meet ESG targets.
In December 2025, Bhutan announced a national Bitcoin Development Pledge committing up to 10,000 BTC (about $1 billion at the time) to support the long-term development of its Gelephu Mindfulness City special administrative region. Authorities said the allocation could be managed via options such as using Bitcoin as collateral, placing it in low-risk yield-generating instruments, or holding it long term as part of broader plans to anchor the new economic hub in digital assets and sustainable finance.
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