The Royal Government of Bhutan moved 374.9 BTC (about $25.18 million) to external addresses on Tuesday, continuing a broader sell-off that has cut its state-owned Bitcoin holdings by more than two-thirds from their late‑2024 peak.
Arkham Intelligence shows the transfer went at 07:28 UTC to an address beginning with “bc1q0.” Onchain Lens noted that the receiving address has previously routed Bhutan’s coins to Galaxy Digital, which could indicate liquidation activity, though the exact purpose of this transfer has not been confirmed.
According to on-chain records, Bhutan now holds 3,954 BTC, roughly $263.9 million, down from nearly 13,000 BTC recorded in late 2024. The country’s Bitcoin portfolio is managed by its state investment vehicle, Druk Holding & Investments. Per Bitcoin Treasuries, Bhutan ranks as the seventh-largest known sovereign Bitcoin holder, after the United States, China, the UK, Ukraine, El Salvador, and the UAE.
The drawdown began after October 2024. Cumulative outflows this year have exceeded 2,000 BTC. Transaction sizes have grown: moves in January and February were typically in the $5–15 million range, March saw $35–45 million transfers, and the latest roughly $25 million transfer continues that trend of sizable distributions.
Bhutan built most of its reserves through mining rather than market purchases or seizures, taking advantage of abundant renewable hydroelectric power. The country became an early adopter of Bitcoin mining in 2019 and has developed multiple hydro plants to support its mining operations.
In December 2025 Bhutan announced plans to allocate up to 10,000 BTC from its reserves to help finance Gelephu Mindfulness City, a southern economic hub, as part of a broader Bitcoin Development Pledge intended to use Bitcoin and mining to support long-term economic growth. On Jan. 8, 2026, the Gelephu Mindfulness City authority said it planned to create a strategic crypto reserve including major assets such as Bitcoin, Ethereum, and BNB.