Bhutan-linked wallets have moved roughly 700 BTC, worth about $50 million, in two transactions to a Galaxy Digital-linked address and an unidentified wallet, signalling continued outflows from its sovereign crypto holdings.
The transfers follow a broader selling trend, with more than $84 million in Bitcoin offloaded during March 2026 through exchanges and over-the-counter desks, pointing to a sustained distribution strategy.
On-chain data suggests the latest transactions may involve OTC activity or custody shifts, though neither the Royal Government of Bhutan nor Druk Holding & Investments has provided an official explanation.
Bhutan’s Bitcoin reserves originate from state-backed mining operations launched in 2019, powered by surplus hydroelectric energy and managed through its sovereign investment arm.
At its peak, the country held more than 13,000 BTC, ranking among the world’s largest government holders, though its balance has since declined significantly following recent sales.
Analysts suggest the ongoing transfers may reflect portfolio rebalancing, profit-taking or funding for state initiatives, rather than distress selling, given Bhutan’s low-cost mining model.
The continued movement of Bitcoin from sovereign wallets is drawing increased scrutiny, as markets assess how Bhutan is positioning digital assets within its broader national investment strategy.
At the time of reporting, Bitcoin price was $67,570.18.