Bhutan Moves Over $11 Million Worth of Bitcoin From Government Holdings, Arkham Data Shows

Bhutan has reportedly moved approximately $11.85 million (roughly Rs. 98 crore) worth of Bitcoin from its national holdings. Data from blockchain analytics platform Arkham shows that the Royal Government of Bhutan transferred 175 BTC from its main holding wallet to another address created about a month ago. Analysts frequently keep a close eye on such transfers for indications of treasury management or possible sales, as Bhutan is widely acknowledged as holding large cryptocurrency reserves, just like the US, China, and El Salvador.

Government Wallet Transfer Draws Attention to Bhutan's Crypto Strategy

According to blockchain data cited by Arkham, the newly used address had previously received 184 Bitcoin from Bhutan's government. The latest transfer of 175 Bitcoin remained in that address as of Tuesday. Nevertheless, previous transactions involving the same 184 Bitcoin were subsequently transferred to a different wallet, which now has 126 Bitcoin after receiving a total of 1,910 Bitcoin since 2024. Druk Holding & Investments manages the Bhutan's sovereign wealth fund.

Arkham also noted the transfer in a post on X, noting that Bhutan's government has previously moved similar amounts of Bitcoin before executing sales through institutional channels. “Bhutan periodically sells portions of its Bitcoin in clips of $5–10M, with a particularly heavy period of selling around mid-late September 2025,” the analytics firm said. The company's data further estimates that Bhutan currently holds roughly 5,400 Bitcoin in total, making it the seventh-largest country-level holder of the cryptocurrency.

Bhutan has accumulated a significant Bitcoin reserve since launching state-backed mining operations in 2019. According to Arkham, the initiative has produced about 13,000 Bitcoin so far, largely powered by hydroelectric energy plants in the country. 

During the summer months, the country's hydropower plants generate surplus electricity due to increased water flow, making it practical to direct excess energy towards Bitcoin mining operations.

Bhutan has also been expanding its blockchain initiatives beyond cryptocurrency reserves. In October last year, the country migrated its national digital identity system from Polygon to the Ethereum blockchain, allowing nearly 800,000 residents to verify their identities and access government services through decentralised infrastructure. 

Initiatives such as an Ethereum-based digital identity system and accumulating a significant Bitcoin reserve through state-backed mining powered by renewable hydropower showcase how Bhutan continues to actively manage its growing digital economy while expanding its broader blockchain strategy and positioning itself as a leader in government-led blockchain adoption.