On Tuesday, the Royal Government of Bhutan transferred 374.9 BTC (worth $25.18 million) to external addresses, extending a sell-off that has slashed its state-owned Bitcoin reserves by more than 66% since their late 2024 peak.
According to data from Arkham Intelligence, the tiny Himalayan nation transferred the funds to an address beginning with “bc1q0” at 7:28 a.m. UTC. Onchain Lens flagged that the receiving address had previously moved Bhutan’s Bitcoin to Galaxy Digital, hinting at possible liquidation— though the purpose of the transfer remains uncertain.
Bhutan’s holdings now stand at 3,954 BTC, valued at roughly $263.9 million, down from nearly 13,000 BTC recorded in late 2024, according to on-chain data. Managed by state investment arm Druk Holding & Investments, Bhutan’s Bitcoin holdings make it the seventh-largest known sovereign holder globally, according to Bitcoin Treasuries, trailing major holders including the United States, China, the UK, Ukraine, El Salvador, and the UAE.
The latest transfer deepens a drawdown that began post–October 2024, with cumulative outflows this year now topping 2,000 BTC. Transaction data shows Bhutan’s transfer activity has accelerated, rising from $5–15 million moves in January and February to $35–45 million transactions in March.
Bhutan Turns to Bitcoin Mining to Power Its Economic Growth
Unlike most governments that acquire Bitcoin through market purchases and criminal seizures, Bhutan has built its reserves via mining, taking advantage of its abundant renewable energy. In fact, Bhutan was one of the early adopters of Bitcoin mining in 2019 and has since developed multiple hydroelectric plants along its glacial rivers.
 
In December 2025, Bhutan announced plans to draw up to 10,000 BTC from its Bitcoin reserves to help fund the development of Gelephu Mindfulness City, an economic hub in southern Bhutan. The initiative is part of the broader national Bitcoin Development Pledge, which seeks to leverage the country’s Bitcoin holdings and mining activities to support long-term economic growth.
On Jan. 8, 2026, GMC also outlined plans to establish a strategic crypto reserve, including major assets such as Bitcoin, Ethereum, and BNB.
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