Bhutan transferred about 175 Bitcoin worth nearly $12 million, pushing the total value of the government’s Bitcoin movements in 2026 to more than $42 million.
Key Takeaways
- Bhutan moved 175 BTC valued at about $11.85 million from a government linked wallet, according to Arkham monitoring.
- Total Bitcoin transfers by Bhutan in 2026 have crossed $42 million so far this year.
- The country still holds around 5,400 BTC worth roughly $370 million, ranking among the largest sovereign Bitcoin holders.
- Bhutan built most of its Bitcoin reserves through hydroelectric powered mining operations.
What Happened?
Blockchain analytics platform Arkham Intelligence reported that the Royal Government of Bhutan transferred 175 BTC worth about $11.85 million from one of its primary holding wallets. The transfer adds to a series of similar movements that have taken place throughout the year.
With the latest transaction, Bhutan’s total Bitcoin transfers in 2026 have reached roughly $42.5 million, showing a steady pattern of smaller sales from its crypto treasury.
Bhutan just moved another $11 Million of Bitcoin out of its main holding addresses.
— Arkham (@arkham) March 9, 2026
The last time they did this was 1 month ago, and they were selling $7 Million of BTC with QCP Capital.
Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly… pic.twitter.com/tBuz280bBe
Bhutan Continues Gradual Bitcoin Transfers
Data from Arkham Intelligence shows that Bhutan has been moving Bitcoin in relatively small portions throughout the year. According to Arkham, “Bhutan periodically sells portions of its Bitcoin in clips of $5 million to $10 million.“
The latest movement came roughly a month after the government sold about $7 million worth of Bitcoin through QCP Capital. That earlier transaction followed the same pattern of moderate sized transfers rather than large scale liquidation.
Arkham monitoring noted that the latest transfer occurred about four hours before the report was published. The funds were moved from one of Bhutan’s main Bitcoin holding wallets.
At the time of the transaction, Bitcoin was trading near $68,500, reflecting the current market environment after a significant drop from last year’s highs.
Bhutan Still Holds Large Bitcoin Reserves
Despite the recent transfers, Bhutan continues to hold a substantial Bitcoin treasury. Government wallets currently hold around 5,400 to 5,425 BTC, which is valued at approximately $372 million to $374 million at recent prices.
These assets are managed by Druk Holding & Investments, Bhutan’s sovereign wealth fund.
According to available treasury data, Bhutan ranks as the seventh largest sovereign Bitcoin holder among countries that publicly hold the cryptocurrency.
This means the country still maintains a strong crypto reserve even as it periodically moves small portions of its holdings.
Bitcoin Price Decline Since Last Year
The current Bitcoin transfers come during a very different market environment compared with mid 2025.
Last July, Bhutan moved more than $60 million worth of Bitcoin over a four day period, which was significantly larger than the recent transactions.
At that time, Bhutan held more than 11,000 BTC valued at about $1.4 billion. The value of those holdings represented more than 40 percent of Bhutan’s gross domestic product.
Since then, the price of Bitcoin has dropped sharply. Data shows Bitcoin trading around $69,000, compared with roughly $119,000 during the previous peak period.
The price decline has reduced the total valuation of Bhutan’s crypto reserves, though the country still holds hundreds of millions of dollars worth of Bitcoin.
Hydroelectric Power Drives Bhutan’s Bitcoin Strategy
One of the most unique aspects of Bhutan’s Bitcoin strategy is how the country accumulated its holdings.
Rather than buying Bitcoin on the open market, Bhutan has largely mined the cryptocurrency using its abundant hydroelectric power resources.
The country uses renewable energy generated from its rivers to power sustainable mining operations. This approach allows Bhutan to convert excess electricity into digital assets without relying heavily on fossil fuels.
Because of this strategy, Bhutan has quietly built one of the largest sovereign Bitcoin treasuries in the world.
CoinLaw’s Takeaway
In my experience covering crypto markets, Bhutan’s strategy looks surprisingly disciplined compared with many government crypto experiments. The country is not dumping large amounts of Bitcoin into the market. Instead, it appears to be selling small portions gradually while keeping the majority of its reserves intact.
I found Bhutan’s approach interesting because it combines renewable energy mining with careful treasury management. If Bitcoin prices recover in the future, maintaining a large reserve while selling smaller amounts along the way could turn out to be a smart long term strategy.
