Bhutan has transferred an additional 319 Bitcoin worth approximately $22.68 million from a sovereign-linked wallet, continuing a months-long pattern of selling that has significantly reduced the country’s digital asset reserves. Data from Arkham Intelligence attributes the wallet to the Royal Government of Bhutan and its investment arm, Druk Holding & Investment. The latest transfer brings total outflows since late October 2024 to more than 9,000 BTC.
The pace of disposals has been notable in recent months. During March alone, the Bhutan-tagged wallet moved more than 1,667 BTC, equivalent to roughly $120 million. As a result, the country’s Bitcoin holdings fell from approximately 13,000 BTC in late 2024 to 3,654 BTC by April, according to Arkham’s tracking dashboard.
Despite the roughly 70% decline in its BTC position, Bhutan remains the fifth-largest publicly tracked nation-state holder of Bitcoin. It trails the United States, which holds 328,000 BTC, the United Kingdom with 61,000 BTC, El Salvador with 7,600 BTC, and the United Arab Emirates with 7,000 BTC. The country has not issued any public statement regarding the recent sales, and the activity is inferred from wallet labels and transaction patterns linked to the government and Druk Holding & Investment.
Bhutan originally built its Bitcoin position through a state-backed mining program powered by surplus hydropower. Officials have described the initiative as part of a broader “green Bitcoin economy” strategy, designed to diversify the country’s export revenues beyond direct electricity sales. The program uses carbon-free hydropower to run energy-intensive mining operations, effectively converting excess electricity into a liquid digital asset. Authorities have also explored whether large corporations might purchase these “green” coins to satisfy environmental, social, and governance targets.
In December 2025, Bhutan announced a national Bitcoin Development Pledge, committing up to 10,000 BTC — valued at roughly $1 billion at the time — to support the long-term development of the Gelephu Mindfulness City special administrative region. The allocation was intended to anchor the new economic hub in digital assets and sustainable finance. Authorities outlined plans to manage the funds through options including using Bitcoin as collateral, low-risk yield-generating instruments, or long-term holding strategies.
The continued selling raises questions about how Bhutan is balancing its near-term liquidity needs against its stated long-term commitment to Bitcoin as a development tool. No official explanation has been provided for the timing or scale of the recent outflows. The activity continues to be monitored through on-chain data, as the government has yet to comment publicly on its evolving approach to its digital asset holdings.
Originally reported by CoinTelegraph.
