The Kingdom of Bhutan has transferred over $72.3 million in Bitcoin (BTC) from its wallets over the last 24 hours, as it continues to sell portions of its holdings.
Druk Holding and Investments (DHI), a state-owned investment company that manages the country’s Bitcoin mining operations and crypto investments, has moved more than 973 BTC over the past 24 hours, in six separate transactions, according to Arkham Intelligence.
DHI also moved more than 175 BTC, valued at $11.8 million, on March 10. “Bhutan periodically sells portions of its Bitcoin in clips of $5 million to $10 million, with a particularly heavy period of selling around mid-late September 2025,” Arkham said.
The landlocked South Asian country has adopted a national Bitcoin Development Pledge, which aims to support Bhutan’s long-term economic development through its Bitcoin stash and mining operations. In December, Bhutan said it will tap into 10,000 BTC from its stash to help build its special administrative region, the Gelephu Mindfulness City (GMC).
Transfers of BTC from DHI-controlled wallets over the last 24 hours. Source: Arkham IntelligenceThat leaves Bhutan holding more than 4,400 BTC, valued at over $322 million, according to data compiled by Arkham.
Wallet addresses controlled by Bhutan have not seen BTC inflows above $100 million in over a year, Arkham said, raising speculation that the country has ceased or curtailed its mining operations.
Bhutan’s crypto portfolio. Source: Arkham IntelligenceCointelegraph sought comment from DHI about its Bitcoin mining operations, but did not receive a response by the time of publication.
The country made headlines in 2024 and 2025 for mining BTC using renewable energy sources, establishing a strategic Bitcoin reserve, and adopting pro-crypto regulations.
Related: Bhutan moves $11.8M in BTC from its national stash: Arkham
Bhutan has significantly downsized its holdings since 2024
Bhutan transferred more than 284 BTC in February, valued at over $22 million, amid a broad crypto market downturn that has dragged on since the October 2025 market crash.
The crash took the price of BTC to a low of $60,000, down by over 50% from its all-time high of about $126,000, before a limited recovery to current price levels.
Bhutan’s BTC holdings since 2022. Source: Arkham IntelligenceBhutan held about 13,295 BTC in October 2024, when its holdings peaked, and has been selling BTC from its reserve since that time, according to Arkham Intelligence.
The 13,295 BTC reserve would have been worth over $1.6 billion at the all-time high price reached in October 2025, immediately before the market crash.
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Source: https://cointelegraph.com/news/bhutan-offloads-72-3m-bitcoin-downturn?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
