The Kingdom of Bhutan moved significant Bitcoin holdings on Tuesday and Wednesday, according to on-chain data.
Arkham Intelligence reported the Royal Government of Bhutan transferred an additional $44.44 million worth of Bitcoin to two unidentified addresses on Wednesday, bringing its 24-hour total to $72.3 million. The transactions were traced to wallets associated with Druk Holding & Investments (DHI), Bhutan’s sovereign investment arm that manages the country’s Bitcoin reserves.
One notable transfer sent 20.5 BTC (about $1.52 million) to Singapore-based crypto trading firm QCP Capital, a move indicative of OTC selling or structured liquidity management rather than simple cold-wallet reallocation.
Combined with earlier transfers reported by ZyCrypto, Bhutan has shifted more than $110 million worth of Bitcoin so far this year.
Balance history tells a larger story. Bhutan’s reserves peaked at roughly 13,000 BTC in October 2024—accumulated over years via state-backed hydroelectric mining. Since that peak, holdings have plunged. Arkham’s data shows DHI now holds 4,453 BTC, a decline of about 65%.
The dollar value has suffered from both sales and Bitcoin’s price drop, from around $126,080 at its peak to roughly $74,000 today. What was once a position valued at over $1.5 billion is now about $330 million, reflecting the combined impact of reduced holdings and market declines.
Is Bhutan still mining Bitcoin?
Bhutan began mining Bitcoin around 2019, leveraging abundant hydroelectric power to build one of the largest sovereign Bitcoin treasuries—initially a low-profile strategy to diversify national revenue. However, Arkham noted Bhutan hasn’t recorded a Bitcoin inflow above $100,000 in over a year, suggesting mining operations may have halted.
In December, Bhutan pledged up to 10,000 BTC—roughly $1 billion at the time—to help develop Gelephu Mindfulness City, a planned economic hub in southern Bhutan.
