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On Tuesday, the Royal Authorities of Bhutan transferred 374.9 BTC (value $25.18 million) to exterior addresses, extending a sell-off that has slashed its state-owned Bitcoin reserves by greater than 66% since their late 2024 peak.
In accordance with knowledge from Arkham Intelligence, the tiny Himalayan nation transferred the funds to an tackle starting with “bc1q0” at 7:28 a.m. UTC. Onchain Lens flagged that the receiving tackle had beforehand moved Bhutan’s Bitcoin to Galaxy Digital, hinting at attainable liquidation— although the aim of the switch stays unsure.
Bhutan’s holdings now stand at 3,954 BTC, valued at roughly $263.9 million, down from almost 13,000 BTC recorded in late 2024, in accordance with on-chain knowledge. Managed by state funding arm Druk Holding & Investments, Bhutan’s Bitcoin holdings make it the seventh-largest identified sovereign holder globally, in accordance with Bitcoin Treasuries, trailing main holders together with the US, China, the UK, Ukraine, El Salvador, and the UAE.
The newest switch deepens a drawdown that started put up–October 2024, with cumulative outflows this 12 months now topping 2,000 BTC. Transaction knowledge reveals Bhutan’s switch exercise has accelerated, rising from $5–15 million strikes in January and February to $35–45 million transactions in March.
Bhutan Turns to Bitcoin Mining to Energy Its Financial Development
Not like most governments that purchase Bitcoin by market purchases and prison seizures, Bhutan has constructed its reserves by way of mining, benefiting from its plentiful renewable power. In truth, Bhutan was one of many early adopters of Bitcoin mining in 2019 and has since developed a number of hydroelectric vegetation alongside its glacial rivers.
 
In December 2025, Bhutan introduced plans to attract as much as 10,000 BTC from its Bitcoin reserves to assist fund the event of Gelephu Mindfulness Metropolis, an financial hub in southern Bhutan. The initiative is a part of the broader nationwide Bitcoin Growth Pledge, which seeks to leverage the nation’s Bitcoin holdings and mining actions to assist long-term financial development.
On Jan. 8, 2026, GMC additionally outlined plans to ascertain a strategic crypto reserve, together with main belongings akin to Bitcoin, Ethereum, and BNB.
