TLDR
- Bhutan moved another 90 BTC to a SegWit address, raising fresh market attention this week.
- Arkham data shows Bhutan’s Bitcoin transfers have crossed $237 million since January this year.
- Bhutan’s sovereign Bitcoin holdings have fallen sharply from their October 2024 peak level.
- Analysts say post-halving mining costs may be shaping Bhutan’s Bitcoin reserve strategy now.
- Druk Holding and Investments has not confirmed any Bitcoin sales or mining changes yet.
Bhutan has reportedly moved another 90 BTC, worth about $7 million, to a SegWit address. The latest transfer pushed its reported Bitcoin transfers above $237 million this year. The move has renewed market focus on Bhutan’s sovereign Bitcoin holdings.
Bhutan Sends 90 BTC to New SegWit Address
On-chain data cited by Arkham shows that Bhutan moved 90 BTC from its sovereign-linked wallets. The funds went to a bc1q SegWit address, not its usual reserve wallet cluster. This address type differs from the P2SH wallets tied to most holdings.
Arkham said such transfers can show movement to a separate entity. It added that this “could signal preparations for a sale.” However, Bhutan has not confirmed any sale linked to the latest move.
IS BHUTAN SELLING BITCOIN?
Bhutan just moved 90 BTC ($7M) to a Segwit address which may indicate a transfer of BTC to a separate entity or sale.
They’ve moved $237.39M of BTC from their wallets to Segwit addresses since the start of this year, and currently hold $233.18M BTC. pic.twitter.com/cch0Dc2mqu
— Arkham (@arkham) May 25, 2026
The transfer follows several similar movements recorded this year. On April 29, Bhutan reportedly moved 100 BTC from its holding wallets. At that time, its 2026 Bitcoin transfers were already near $206.98 million.
Reports also pointed to a larger April 11 transfer. Around 319.7 BTC, worth about $22 million, left a Bhutan-linked wallet. Some funds later moved toward wallets linked to Galaxy Digital and OKX routes.
Bitcoin Reserves Fall From 2024 Peak
Bhutan’s Bitcoin holdings have dropped from their October 2024 peak. Arkham data placed that peak near 13,390 BTC. Current reports suggest the country is down by about 10,000 BTC from that level.
Arkham currently lists Bhutan’s holdings near 3,021 BTC. That stash is worth about $233.18 million, based on the cited market price. The figures show a sharp change in its Bitcoin reserve balance.
Market watcher EmberCN claimed Bhutan sold 9,180 BTC over the past 11 months. The analyst placed the sales value near $900 million. The same estimate used an average price of $98,067 per BTC.
Those claims remain unconfirmed by Bhutan. Druk Holding and Investments has not issued a public statement on the transfers. It has also not confirmed whether any moved coins were sold.
Mining Economics Add Pressure After Halving
Bhutan built its Bitcoin reserves through state-backed mining, not large public purchases. The mining operation reportedly used the country’s hydropower resources. Druk Holding and Investments has been linked to the project.
Analysts say the model looked stronger when Bitcoin prices were higher. Mining also faced less pressure before the latest network changes. After the 2024 halving, block rewards fell to 3.125 BTC.
Mining competition has also increased across the network. That can reduce margins for miners with higher costs. Some analysts said Bhutan “may be reducing exposure” as mining returns weaken.
Bitcoin was trading near $77,271 in the cited report. The price had recovered from a dip near $75,000. Still, Bitcoin remained down about 12% on a year-to-date basis.
Bhutan may also gain steady revenue by exporting hydropower to nearby countries. That option may compete with Bitcoin mining during weaker market periods. For now, the government has not stated its next step.
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