Bhutan Transfers 490 Bitcoin Worth $32.7 Million to Fresh Addresses

The Royal Government of Bhutan has moved 490.87 Bitcoin, amounting to $32.74 million (roughly Rs. 3,132 crore), into new wallets within the last 24 hours, continuing the trend of huge BTC transactions from government-affiliated addresses in the year 2026. Onchain Lens, a blockchain analysis firm, has noted that the recent movement has constituted almost the entire Bitcoin movement in the timeframe. The other movements have been relatively smaller in value, with Onchain Lens noting the departure of BTC from wallets belonging to the Royal Government of Bhutan.

Bhutan's Bitcoin Movements Continue Amidst Uncertainty Over Holdings

The analytics platform could not classify the new wallets as exchanges or trading firms and did not confirm that these were actually sales transactions. It is a critical difference because a transaction from an old or unknown wallet does not necessarily show what happened to that Bitcoin afterwards. BTC has previously been transferred by Bhutan to both unknown addresses and those associated with traders. Thus, the destination becomes an important factor in considering whether the money was sold or simply reorganised.

Transfers have resulted in decreased visibility of the number of Bitcoin contained in the addresses identified by the blockchain intelligence company as owned by Bhutan or the sovereign wealth fund of the country, which is Druk Holding & Investments. According to Arkham data, Bhutan owned over 13,000 BTC at its peak in October 2024. By March 25, its holdings dropped to 4,453 BTC. Just a few days before that incident, Bhutan had managed to transfer an estimated amount of $72.3 million (roughly Rs. 6,917 crore) of Bitcoin within a day. 

This recent move took place days after another major deal made through addresses associated with Bhutan. On August 18, according to Onchain Lens, the Royal Government of Bhutan made an outgoing transfer of 300 BTC, which is approximately $19.28 million (roughly Rs. 1,845 crore) to a new wallet. It is described by the firm as yet another sale, even though the first one was made into a new address. Earlier transactions had a similar trend as well, with significant Bitcoin being moved out from government-associated wallets to other addresses.

In March, Bhutan moved 519.7 BTC, worth approximately $36.5 million (roughly Rs. 3,492 crore), from its sovereign crypto holdings to multiple wallets, including one linked to institutional trading firm QCP Capital. Blockchain analytics platforms have detected the transfer, which has raised questions about the nation's possible selling activity. The transfer was linked to wallets connected to Bhutan's sovereign investment division, Druk Holding & Investments, which was actively overseeing the nation's Bitcoin holdings for this transaction as well.