The Bhutanese government's current Bitcoin holdings have decreased by 70% from the peak

According to Onchain Lens monitoring, the Royal Government of Bhutan transferred approximately 319.7 BTC (about 22.68 million USD) to two addresses. About 250 BTC were transferred to a wallet that was previously used to sell funds through Galaxy Digital and OKX, while another 69.7 BTC were sent to a new unmarked address.

According to Arkham data, the Bhutanese government has transferred out Bitcoin worth 215.7 million USD from its holding addresses this year, of which 162.6 million USD was transferred to unmarked wallets. After this transfer, Bhutan currently holds 3,954 BTC, valued at approximately 280.6 million USD. The country held about 13,000 BTC at its peak in October 2024, and its Bitcoin assets are managed by the national sovereign wealth fund Druk Holding and Investments Ltd. Bhutan previously accumulated its Bitcoin holdings through a hydropower-supported mining operation, but according to Arkham data, its last record of a Bitcoin inflow exceeding 100,000 USD was a year ago.