Bhutan moves $72M in Bitcoin as sovereign holdings continue to decline

Bhutan has transferred roughly $72.3 million in Bitcoin over the past 24 hours, continuing a steady pattern of trimming its sovereign holdings.

Summary

• Bhutan transferred roughly $72.3 million in Bitcoin over 24 hours, with Druk Holding and Investments moving more than 973 BTC across multiple transactions.
• Holdings have declined to over 4,400 BTC from a peak of 13,295 BTC in October 2024, as the country continues periodic sales from its sovereign reserve.

According to Arkham Intelligence data, Druk Holding and Investments, which manages the country’s crypto mining and treasury operations, has moved more than 973 BTC. The latest transfers come as Bhutan has continued to offload portions of its Bitcoin reserves in measured intervals.

BTC transfers from DHI-linked wallets | Source: Arkham Intelligence.DHI’s last major transfer was flagged on March 10, when it moved more than 175 BTC worth around $11.8 million.

Arkham noted that the country periodically sells Bitcoin in clips of $5 million to $10 million, but current transfers appear larger in scale compared to the activity seen around September 2025.

After the current transfers, Bhutan now holds more than 4,400 BTC, valued at over $322 million based on current market prices.

At its peak, Bhutan held 13,295 BTC in October 2024 and has since gradually reduced its holdings through a series of on-chain transfers.

Bhutan’s Bitcoin play

Bhutan has outlined a Bitcoin Development Pledge aimed at supporting the Kingdom of Bhutan’s long-term economic development through its mining operations and strategic reserves. Meanwhile, it has also committed to deploying part of its Bitcoin holdings toward the development of the Gelephu Mindfulness City.

Further, Arkham added that Bhutan-linked wallets have not recorded inflows greater than $100 million over the past year. Many in the crypto community are now speculating that the country may have scaled back or ceased its mining operations.

However, there’s been no confirmation of any halt in mining activity.

Early reports suggest the country has been using renewable energy sources, particularly hydroelectric power, to sustain its Bitcoin mining operations.

The latest transfers come as the Bitcoin price has dropped over 4.5% in the last 24 hours, falling below the $71,000 mark as investors reacted to hotter-than-expected inflation concerns in the US

Large-scale selling from sovereign entities like Bhutan could further exacerbate downward pressure on the asset, especially as the market remains sensitive to signs of reduced institutional conviction and potential sell-side liquidity from major holders.