Bhutan moves 175 Bitcoin worth about $11.85 million from its sovereign wallets as blockchain data tracks ongoing treasury activity.
Bhutan remains one of the largest nation state Bitcoin holders with about 5,400 BTC despite periodic transfers and sales.
Bhutan built its Bitcoin reserves through hydro powered mining operations launched in 2019 using surplus energy from hydropower plants.
Bhutan has transferred about 175 Bitcoin from wallets linked to its sovereign holdings as market activity picked up this week. Blockchain analytics platform Arkham flagged the movement after tracking transactions from Bhutan’s main Bitcoin holding address. The transfer equaled about $11.85 million based on market prices during the movement. Additionally, the Bitcoin moved to a wallet created roughly one month earlier.
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Blockchain data shows the receiving wallet had already received 184 Bitcoin from Bhutan before the latest transfer. Meanwhile, the newly transferred Bitcoin remained at that address as of Tuesday. However, the earlier 184 Bitcoin later moved to another address linked to Bhutan’s treasury activity. Consequently, that address has received about 1,910 Bitcoin since 2024.
The same address currently holds around 126 Bitcoin according to blockchain records. These transfers have drawn attention because Bhutan has executed similar transactions several times before. Therefore, analysts continue tracking movements linked to Bhutan’s crypto reserves.
Blockchain Data Shows Pattern in Bhutan Bitcoin Transfers
Arkham’s onchain monitoring shows Bhutan regularly moves portions of its Bitcoin holdings in moderate amounts. The country typically shifts Bitcoin in transfers valued between $5 million and $10 million. Consequently, these movements often appear before or during periodic sales.
Arkham recorded a comparable transfer earlier this year. That February movement involved roughly $7 million worth of Bitcoin. Additionally, the sale occurred through digital asset trading firm QCP Capital.
Historical blockchain data also shows a heavier selling period during mid and late September 2025. During that period Bhutan moved several batches of Bitcoin from treasury wallets. As a result, analysts linked those transfers to multiple small liquidation events.
The recent transfer therefore continues a broader pattern of activity tied to Bhutan’s sovereign crypto treasury. Furthermore, the movement occurred as digital asset markets recorded modest gains early this week.
Bhutan Remains Among Largest Nation-State Bitcoin Holders
Despite periodic sales Bhutan remains one of the largest sovereign holders of Bitcoin globally. Arkham estimates the country currently holds roughly 5,400 Bitcoin. This reserve places Bhutan among the top nation-state Bitcoin holders worldwide.
For comparison the United States holds the largest national reserve. Government-linked wallets control about 328,372 Bitcoin valued at nearly $22 billion. Meanwhile Bhutan’s Bitcoin holdings remain worth hundreds of millions of dollars at current prices.
Bhutan also holds other digital assets within its sovereign portfolio. Records show holdings of about 28 Ether and 28 KiboShib tokens. Druk Holding and Investments manages these assets as the country’s sovereign wealth fund. Additionally, Bhutan introduced TER, a sovereign-backed gold token running on the Solana blockchain.
Cointelegraph contacted the fund for comment regarding the recent transfer. However, no immediate response followed the request.
Hydropower Mining Built Bhutan’s Bitcoin Treasury
Bhutan accumulated most of its Bitcoin through state-backed mining operations launched in 2019. These operations rely heavily on hydroelectric power generated across the Himalayan kingdom. Consequently, the country converts surplus energy into digital asset production.
Earlier last year, Bhutan turned to green cryptocurrency mining to support its economy. Hydropower generation increases during summer months due to stronger water flow. Therefore the country often uses the excess electricity to support mining operations. This approach allowed Bhutan to accumulate about 13,000 Bitcoin since the program began.
However, mining economics changed after the April 2024 Bitcoin halving. The event reduced mining rewards to 3.125 Bitcoin per block. As a result many mining operations faced higher costs and lower profitability.
Meanwhile some global miners have shifted energy capacity toward artificial intelligence computing and high performance data services. Bhutan has continued managing its Bitcoin treasury while periodically moving portions of its holdings.