The Kingdom of Bhutan moved more than $72.3 million in Bitcoin over the past 24 hours as it continues to liquidate portions of its state-held stash. Arkham Intelligence data shows Druk Holding and Investments (DHI), the state-owned firm that runs Bhutan’s mining and crypto investments, transferred roughly 973 BTC across six transactions in the last day. DHI also moved about 175 BTC (around $11.8 million) on March 10. Arkham has noted the government tends to sell in $5–$10 million batches and experienced a particularly heavy selling period in mid to late September 2025.
Bhutan adopted a national Bitcoin Development Pledge aimed at using its mining operations and BTC reserve for long-term economic development. In December, the government said it would unlock 10,000 BTC from that reserve to help finance the Gelephu Mindfulness City special administrative region project.
After the recent transfers, Arkham’s compilation puts Bhutan’s remaining holdings at just over 4,400 BTC, valued at more than $322 million. Arkham also reports that wallet addresses linked to Bhutan have not recorded BTC inflows above $100 million in over a year, which has prompted speculation that the country may have curtailed or paused its mining activity. Cointelegraph contacted DHI for comment on its mining operations but had not received a response by publication.
Bhutan drew international attention in 2024 and 2025 for mining Bitcoin using renewable energy, building a strategic BTC reserve, and introducing crypto-friendly regulations. However, the country has substantially reduced its holdings since 2024. In February it moved more than 284 BTC (roughly $22 million at the time) amid a broader market downturn that followed the October 2025 crash. That crash pushed BTC to about $60,000—more than 50% below its all-time high near $126,000—before a partial recovery.
Bhutan’s reserve peaked at about 13,295 BTC in October 2024. At the October 2025 all-time high, that holding would have been worth more than $1.6 billion, immediately before the market decline that followed.