Why is Bhutan moving Bitcoin in 2026?

Bhutan has reportedly transferred more than $237 million worth of Bitcoin during 2026, including a recent 90 BTC transaction worth about $7 million. On-chain analysts believe the country may be gradually reducing its sovereign Bitcoin holdings, although officials have not publicly confirmed a selloff strategy.

How much Bitcoin does Bhutan still hold?

Blockchain analytics platform Arkham estimates Bhutan still holds around $233 million worth of Bitcoin through Druk Holding and Investments. The country’s reserves have reportedly fallen by about 10,000 BTC since peaking near 13,390 Bitcoin in October 2024.

Why does Bhutan own Bitcoin in the first place?

Unlike many governments that acquired Bitcoin through seizures or treasury purchases, Bhutan built its holdings through hydropower-powered Bitcoin mining. The strategy used the country’s excess renewable energy to mine BTC directly through state-backed operations.

Is Bhutan selling Bitcoin because mining became less profitable?

That is one possible explanation, although it has not been officially confirmed. After Bitcoin’s 2024 halving reduced mining rewards to 3.125 BTC per block, mining profitability fell as competition increased and Bitcoin prices weakened compared with earlier highs above $90,000.

What is the significance of Bhutan sending Bitcoin to new wallet addresses?

The latest transfer reportedly moved BTC to a SegWit address outside Bhutan’s main sovereign wallet clusters. Analysts often watch wallet movements closely because transfers to new addresses or exchange-linked wallets can signal potential asset sales or restructuring activity.

Did Bhutan send Bitcoin to crypto exchanges?

Some earlier transfers reportedly moved through wallets linked to Galaxy Digital and OKX. While this does not guarantee the Bitcoin was sold, exchange-linked transfers often increase speculation about liquidation activity.

Could Bhutan fully exit its sovereign Bitcoin position?

Some analysts believe Bhutan could unwind most of its Bitcoin holdings before the end of 2026 if the current pace continues. However, this remains speculative because Druk Holding and Investments has not publicly explained the transfers or confirmed any long-term exit plan.

Image for illustrative purposes only. Not a real photo.

Bhutan Bitcoin transfers top $237M in 2026

Written by Mahathir BayenaPublished May. 25 2026

Bhutan reportedly transferred another 90 Bitcoin worth around $7 million as the country’s total sovereign BTC movements in 2026 surpassed $237 million.

On-chain data showed the transfer moved to a SegWit address outside Bhutan’s main sovereign wallet clusters, adding to speculation that the Himalayan kingdom may be gradually reducing its Bitcoin exposure.

Blockchain analytics platform Arkham estimated that Bhutan’s holdings managed by Druk Holding and Investments have declined by roughly 10,000 BTC since peaking near 13,390 Bitcoin in October 2024.

Previous transfers included 319.7 BTC worth about $22 million in April, with portions of those funds reportedly routed toward wallets linked to Galaxy Digital and crypto exchange OKX.

Some analysts now believe Bhutan could unwind most of its sovereign Bitcoin position before the end of 2026 if transfers continue at the current pace, although Druk Holding has not publicly commented on the transactions.

Unlike many governments that acquired Bitcoin through seizures or treasury purchases, Bhutan built its holdings through hydropower-backed mining operations run by Druk Holding and Investments.

The strategy now faces pressure following Bitcoin’s 2024 halving, which reduced mining rewards to 3.125 BTC per block, while rising mining competition and weaker Bitcoin prices have reportedly reduced the profitability of sovereign mining operations.

At the time of reporting, Bitcoin price was $77,118.90.