On Tuesday the Royal Government of Bhutan moved 374.9 BTC (about $25.18 million) to external addresses, continuing a sell-off that has reduced its state-owned Bitcoin reserves by more than 66% from their late-2024 peak.
Arkham Intelligence data shows the transfer went to an address starting with “bc1q0” at 07:28 UTC. Onchain Lens flagged that the receiving address had previously routed Bhutan’s Bitcoin to Galaxy Digital, suggesting possible liquidation, though the exact purpose of the transfer remains unclear.
Bhutan’s holdings now total 3,954 BTC, roughly $263.9 million, down from nearly 13,000 BTC recorded in late 2024, according to on-chain records. Managed by state investment arm Druk Holding & Investments, Bhutan ranks as the seventh-largest known sovereign Bitcoin holder per Bitcoin Treasuries, behind entities such as the United States, China, the UK, Ukraine, El Salvador, and the UAE.
The current drawdown began after October 2024; cumulative outflows this year have topped 2,000 BTC. Transaction sizes have accelerated—from $5–15 million moves in January and February to $35–45 million transfers in March—and the latest $25 million move continues that trend.
Bhutan accumulated its reserves primarily through mining rather than market purchases or seizures, leveraging abundant renewable hydroelectric power. The country was an early adopter of Bitcoin mining in 2019 and has developed multiple hydro plants to support 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 its broader Bitcoin Development Pledge aimed at using Bitcoin and mining to support long-term economic growth. On Jan. 8, 2026, the Gelephu Mindfulness City authority also announced intentions to create a strategic crypto reserve including major assets such as Bitcoin, Ethereum, and BNB.
