Bhutan Moves 319.7 BTC as Government Bitcoin Reserve Drawdown Continues

TLDR

The Royal Government of Bhutan moved about 319.7 BTC on Thursday, according to Arkham data cited in the provided material. At current prices, the transfer was worth about $22.8 million. The funds were sent to two separate wallet addresses.

Blockchain analysis platform Onchain Lens said about 250 BTC went to a wallet linked to earlier fund routing through Galaxy Digital and OKX. Another 69.7 BTC was sent to a new and unlabeled wallet. The exact purpose of the transfers has not been confirmed.

The latest movement adds to a growing list of Bhutan-linked Bitcoin transactions this year. Arkham said Bhutan has moved about $215.7 million worth of Bitcoin out of its holding addresses in 2026 so far. Of that amount, about $162.6 million was sent to unlabeled wallets.

These transfers have drawn market attention because Bhutan has been one of the more closely watched sovereign Bitcoin holders. The country’s BTC reserves are managed through Druk Holding and Investments Ltd., the state’s sovereign wealth fund. The recent activity suggests continued treasury movement from those holdings.

Bhutan’s Bitcoin Treasury holdings Sink to 3,954 BTC

Following the latest transfers, Bhutan’s BTC holdings stand at about 3,954 BTC. Based on the provided figures, that reserve is worth about $280.6 million. This marks a sharp drop from the country’s earlier peak balance.

At its high point in October 2024, Bhutan held about 13,000 BTC. Since then, the reserve has declined by 9,046 BTC, according to the supplied data. That change has raised questions about whether the government is gradually reducing its BTC exposure.

The latest transfer was not an isolated event. The provided material said Bhutan moved about 374 BTC, worth around $25 million, roughly one week earlier. It also reportedly moved about 520 BTC, worth about $37 million, around two weeks before that.

No formal explanation has been attached to these latest transactions. Druk Holding had not publicly clarified the purpose at the time of the provided report. In many cases, onchain transfers to exchange-linked wallets can raise the possibility of planned asset sales, but that has not been officially confirmed here.

Bhutan Built its Reserve Through Hydropower-Backed Mining

Bhutan’s BTC strategy has long stood apart from most sovereign approaches. Rather than buying large amounts directly on the open market, the country built much of its reserve through mining. That mining was backed by Bhutan’s surplus hydropower resources.

Druk Holding and Investments helped fund and expand those operations. The supplied material also said Bhutan worked with Bitdeer to scale mining capacity. At its peak, the BTC reserve represented a notable asset relative to the size of Bhutan’s roughly $3 billion economy.

At the same time, recent onchain data suggests the mining side may have slowed or stopped. According to Arkham data cited in the provided text, Bhutan has not recorded a BTC inflow above $100,000 in more than a year. That has led to speculation that new mining output is no longer adding to reserves.

If that reading is accurate, then the recent wallet activity may reflect treasury drawdowns rather than fresh mining flows. That would mean Bhutan is managing an existing reserve pool rather than expanding it. The government has not publicly confirmed any change in mining operations.

Market Matches Reserve Management as Bitcoin Trades Lower

The latest Bhutan transfer came as Bitcoin traded lower over the past 24 hours. The provided report said Bitcoin fell 1.3% to about $70,859 as of 2:30 a.m. ET on Thursday. Price moves can bring added focus to large sovereign or institutional wallet transactions.

Bhutan’s low-profile approach has made onchain data a main source for tracking its reserve activity. Arkham, Onchain Lens, and blockchain explorers continue to provide visibility into wallet movements. That has allowed observers to follow treasury changes even without regular official updates.

The latest 319.7 BTC transfer fits a broader pattern of steady outflows from Bhutan-linked wallets in 2026. The destination of one wallet, previously tied to Galaxy Digital and OKX routing, will likely keep fueling sale-related speculation.

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