The tiny country of Bhutan moved Bitcoin holdings on Tuesday and Wednesday, according to on-chain data.
According to Arkham Intelligence, the Royal Government of Bhutan transferred an additional $44.44 million worth of Bitcoin to two unidentified addresses on Wednesday, bringing its 24-hour total to $72.3 million. The transactions were traced back to wallets associated with Druk Holding & Investments, the country’s sovereign investment arm responsible for managing its Bitcoin holdings.
Among the transactions, 20.5 Bitcoin—valued at approximately $1.52 million—was sent to Singapore-based crypto asset trading firm QCP Capital. This transfer suggests OTC selling or structured liquidity management rather than just moving coins between cold wallets.
Combined with earlier transfers reported by ZyCrypto, Bhutan has shifted more than $110 million worth of Bitcoin so far this year.
The balance history chart tells a far more compelling story. Bhutan’s Bitcoin reserves once peaked at around 13,000 BTC in October 2024—built steadily over the years through state-backed hydroelectric mining. But after October 2024, the trend reversed sharply, with holdings falling rapidly, signaling a significant shift in strategy.
 
According to data from Arkham Intelligence, Druk Holding & Investments currently holds 4,453 Bitcoin. This means its reserves have since dropped by about 65%, underscoring a significant scale-down in the BTC stash.
The dollar value has taken a double hit—first from ongoing sell-offs, and then from Bitcoin’s drop from around $126,080 at its peak to roughly $74K today. What was once a position valued at over $1.5 billion has now shrunk to about $330 million, underscoring the sharp impact of both market declines and reduced holdings.
Is Bhutan No Longer Mining Bitcoin?
Around 2019, Bhutan tapped into its vast hydroelectric resources to quietly mine Bitcoin, steadily building a digital treasure trove as part of a bold strategy to diversify its economy. The Kingdom’s mining operations helped build one of the world’s largest sovereign Bitcoin treasuries—an achievement that remained largely undisclosed to the public until recently.
However, Arkham Intelligence noted that Bhutan hasn’t recorded a Bitcoin inflow of over $100,000 in more than a year, hinting that the country may have halted its mining operations.
In December, Bhutan pledged up to 10,000 Bitcoin, worth roughly $1 billion in sovereign reserves, to fund Gelephu Mindfulness City, a new economic hub in southern Bhutan.
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