The Royal Government of Bhutan moved 175 #Bitcoin on Monday, a transfer valued at about $11.85 million.
Blockchain tracking by Arkham Intelligence shows the transaction is part of a broader pattern of crypto movements this year. With this latest transfer, Bhutan’s total Bitcoin outflows in 2026 have reached roughly $42.5 million.
Key Points
Bhutan transferred 175 Bitcoin (~$11.85M) on Monday, bringing total Bitcoin outflows for 2026 to $42.5M.
As of this writing, Druk Holding & Investments, the sovereign wealth fund, manages around 5,400 Bitcoin (~$374M).
Bhutan largely sources its Bitcoin from domestic mining powered by hydroelectric energy.
Last July, Bhutan transferred over $60 million in Bitcoin. Its total reserves of more than 11,000 coins, worth $1.4 billion, represented over 40% of GDP at the time.
Sovereign Wealth Fund Oversees Digital Assets
Bhutan’s cryptocurrency reserves are managed by Druk Holding & Investments, the country’s sovereign wealth fund. Specifically, the institution oversees national investments and has played a central role in building Bhutan’s digital asset portfolio.
Current estimates indicate the fund holds around 5,400 Bitcoin. Based on recent market prices, those holdings are worth approximately $374 million.
Moreover, much of Bhutan’s Bitcoin supply comes from domestic mining operations. In fact, the country uses its hydroelectric power capacity to run these facilities, which officials describe as a sustainable approach to crypto mining.
Recent Transactions Follow a Consistent Pattern
Recent blockchain data suggests Bhutan has adopted a steady approach when moving its Bitcoin. According to Arkham Intelligence, most transactions are relatively small, typically ranging between $5 million and $10 million.
The latest transfer closely matches this pattern. In fact, it follows a similar transaction carried out roughly a month earlier.
During that earlier move, the government sold about $7 million worth of Bitcoin through the trading firm QCP Capital. However, Bhutanese authorities have not publicly explained how the proceeds from these transactions are used.
Earlier Activity Included Much Larger Transfers
While the latest transfers are modest, Bhutan has previously made significantly larger Bitcoin transfers.
Last July, the government moved more than $60 million worth of Bitcoin over four days. At that time, Bhutan’s reserves exceeded 11,000 coins. Those holdings were valued at approximately $1.4 billion. This amount represented more than 40% of Bhutan’s gross domestic product at the time.
Market Changes Affect the Value of Holdings
In addition, shifts in the broader crypto market have impacted the value of Bhutan’s reserves. Over the past year, Bitcoin’s price has declined by more than 40% from its earlier highs.
Consequently, the dollar value of Bhutan’s remaining Bitcoin holdings has decreased notably. At the latest market update, Bitcoin was trading close to $69,962. Although the price rose about 3.3% over the previous 24 hours, it remains roughly 20% lower since the beginning of the year.
Other Institutions Continue Building Bitcoin Reserves
While Bhutan has been transferring portions of its holdings, some large institutions are still increasing their exposure to Bitcoin. For instance, Strategy expanded its portfolio during the same period. Specifically, the company added 17,994 Bitcoin, bringing its total to 738,731 coins.