Bhutan Dumps $72M in Bitcoin Again: Has It Stopped Mining?

• Bhutan moved approximately 973 BTC worth $72.3 million in a 24-hour window.
• On-chain data shows no Bitcoin mining inflow exceeding $100,000 in over 12 months.
• Bhutan has deposited a total of $383.41 million into exchanges since August 2021.

The Royal Government of Bhutan moved roughly 973 Bitcoin, worth approximately $72.3 million, out of its known addresses within 24 hours. On-chain data tracked by Arkham Intelligence shows the transfers began on Tuesday and continued into Wednesday. The activity follows a separate $1.52 million transfer to the institutional trading desk, QCP Capital, reported a day earlier.

Details on the Transfer

Bhutan’s government wallet, operated through its sovereign investment arm Druk Holdings, sent 595.848 BTC, valued at $44.44 million, to an unidentified address roughly a few hours before this report. A smaller test transaction of 0.0006 BTC preceded it, a pattern commonly used before large transfers.

Earlier in the same 24-hour window, the government moved 205.53 BTC ($15.14 million) and 150.047 BTC ($11.14 million) to separate external addresses. About 20.506 BTC went to QCP Capital’s merchant deposit address, consistent with Tuesday’s reported activity.

Bhutan’s Bitcoin portfolio now holds approximately 4,453 BTC, valued at roughly $330 million. Notably, the portfolio peaked near $1.8 billion in late 2024.

Has Bhutan Stopped Bitcoin Mining? 

What draws attention is not just the outflows, but the absence of inflows. Blockchain records show that Bhutan previously received regular Bitcoin deposits from Ant Pool, a major mining reward distribution platform. Those deposits, often arriving every few days and ranging between 1 and 9 BTC each, stopped appearing in amounts above $100,000 more than 12 months ago.

Bhutan built its Bitcoin position through hydroelectric-powered mining, a government-run operation that used the country’s geography to generate cheap, clean energy for Bitcoin production. The disappearance of mining inflows raises the question of whether that operation has been scaled back or shut down entirely.

Where Is Bhutan’s Bitcoin Going?

Arkham data shows Bhutan has deposited a total of $383.41 million into exchanges since August 2021. Binance received 69% of those deposits. Historical withdrawal data show that $262.48 million has left exchanges, suggesting that a portion of the funds has already been converted into other assets or cash.

Notably, Bhutan has not made any public statement regarding its Bitcoin strategy. No official explanation has been offered for the reduction in inflows or the scale of recent outflows.

Analysts tracking sovereign Bitcoin activity note that Bhutan’s portfolio drop from $1.8 billion to $330 million aligns with a broader period of Bitcoin price correction from its late-2025 highs. Whether Bhutan is responding to fiscal needs, adjusting risk exposure, or exiting the space entirely remains unknown.

Related: Bhutan Timing the Top? Inside the Kingdom’s $6.7M Bitcoin Move