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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 line 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 practically 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 most recent switch deepens a drawdown that started publish–October 2024, with cumulative outflows this yr 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 via market purchases and legal seizures, Bhutan has constructed its reserves through mining, benefiting from its ample renewable power. Actually, Bhutan was one of many early adopters of Bitcoin mining in 2019 and has since developed a number of hydroelectric crops 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 progress.
On Jan. 8, 2026, GMC additionally outlined plans to determine a strategic crypto reserve, together with main belongings comparable to Bitcoin, Ethereum, and BNB.
