Bhutan has transferred another $23 million worth of Bitcoin, extending a months-long selling trend that has reduced its sovereign holdings by roughly 70%.
Blockchain data from Arkham Intelligence shows a wallet linked to the Royal Government of Bhutan and Druk Holding & Investment moved 319 BTC, bringing total outflows since October 2024 to over 9,000 BTC.
The latest transaction follows continued activity, with more than 1,667 BTC moved in March alone, cutting holdings from around 13,000 BTC to approximately 3,654 BTC by April.
Despite the decline, Bhutan remains the fifth-largest publicly tracked nation-state Bitcoin holder, behind major holders including the United States and El Salvador.
The government has not publicly commented on the transfers, with activity inferred from wallet tracking and transaction patterns linked to state entities.
Bhutan originally built its Bitcoin reserves through hydropower-powered mining, positioning itself around a “green Bitcoin economy” that converts surplus renewable energy into digital assets.
In late 2025, the country committed up to 10,000 BTC to support development of its Gelephu Mindfulness City, signalling a long-term strategy to integrate digital assets into its economic model.
At the time of reporting, Bitcoin price was $71,923.32.