Bhutan has moved additional Bitcoin from a sovereign-linked wallet, continuing a months-long trend of selling and further reducing its once substantial holdings.
Data from Arkham shows that a wallet linked to the Royal Government of Bhutan and its investment arm, Druk Holding & Investment, transferred around 319 BTC—worth approximately $22.7 million—on Thursday. This brings total outflows since late October 2024 to more than 9,000 BTC.
The latest transaction follows a string of wallet movements flagged in recent months. In March alone, Bhutan-linked wallets shifted over 1,667 BTC (around $120 million), contributing to a sharp decline in holdings—from roughly 13,000 BTC in late 2024 to about 3,654 BTC as of April, according to Arkham’s tracking data.
This represents a drop of about 70% in Bhutan’s Bitcoin reserves. Despite the reduction, the country still ranks as the fifth-largest publicly known nation-state holder of Bitcoin, behind the United States, the United Kingdom, El Salvador, and the United Arab Emirates.
Bhutan has not issued any official statement regarding the sales, and the activity is based on blockchain tracking of wallets associated with the government and Druk Holding & Investment.
Bhutan’s green Bitcoin strategy
Bhutan built much of its Bitcoin reserves through state-backed mining powered by hydropower, positioning it as part of a broader “green Bitcoin economy.” Officials have framed the approach as a way to diversify export revenues beyond electricity by using surplus, carbon-free energy to run high-performance computing systems that mine Bitcoin.
By converting excess hydropower into a liquid digital asset, Bhutan is effectively turning unused energy into exportable value. The country has also explored whether corporations could purchase its “green” Bitcoin to help meet environmental, social, and governance (ESG) goals.
In December 2025, Bhutan introduced a national Bitcoin Development Pledge, committing up to 10,000 BTC—worth roughly $1 billion at the time—to support the long-term growth of its Gelephu Mindfulness City special administrative region.
Officials said the allocation could be managed through a mix of strategies, including using Bitcoin as collateral, deploying it in low-risk yield-generating instruments, or holding it long term as part of a broader plan to anchor the new economic zone in digital assets and sustainable finance.
