Bhutan’s Bitcoin Moves: A $110M+ Exit in 2026? 📉
The Royal Government of Bhutan is making waves on-chain again. According to Arkham Intelligence, the Himalayan kingdom has moved over $110 million in Bitcoin so far in 2026, including a massive $72.3 million transfer just this week.
The Breakdown:
Recent Activity: 973 BTC (~$72.3M) was moved to multiple addresses, including transfers to institutional desks like QCP Capital.
The Pattern: Since January, Bhutan has been offloading BTC in staggered tranches, moving away from its peak of 13,000 BTC in late 2024.
Mining Mystery: On-chain data shows no major mining inflows (>$100k) for over a year. Is Bhutan winding down its famous hydro-powered mining operations? ⚡️
Why this matters:
Bhutan remains one of the largest sovereign holders of Bitcoin, but their current "drawdown" phase is a significant shift. Unlike the US government, which holds seized coins, Bhutan built its stack through active mining. Seeing them transition to a distribution phase marks a new chapter in sovereign adoption.
Current Holdings:
Despite the sales, the Druk Holding & Investments (DHI) fund still manages approximately 4,453 BTC (valued at ~$330M).
Is this strategic treasury rebalancing, or is the "Mining Kingdom" exiting its position? Let’s discuss below! 👇
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