Bhutan's Bitcoin Reserve Shrinks 70% Following Additional $23M Transfer
The Himalayan kingdom has transferred an additional 319 BTC, bringing total movements to more than 9,000 BTC since October 2024, reducing its national cryptocurrency reserves by approximately 70%.
The Himalayan nation of Bhutan executed another significant Bitcoin transaction from its government-associated wallet on Thursday, continuing to draw down what was previously a substantial BTC reserve in a selling pattern that has persisted for several months.
According to data from Arkham, a cryptocurrency wallet linked to both the Royal Government of Bhutan and Druk Holding & Investment, the country's investment vehicle, processed a transfer of approximately 319 Bitcoin (BTC), valued at around $22.68 million. This latest movement pushes the cumulative outflows since late October 2024 beyond the 9,000 BTC threshold.
This transaction is part of an ongoing sequence of wallet activities associated with the nation that Arkham has been monitoring. Throughout March alone, blockchain records show the Bhutan-associated wallet processed transfers exceeding 1,667 BTC (valued at approximately $120 million). As a result, Bhutan's Bitcoin reserves have declined from approximately 13,000 BTC in late 2024 to just 3,654 BTC by April, based on tracking information provided by Arkham Intelligence's monitoring platform.
Despite this representing an approximately 70% reduction in the nation's BTC reserves, Bhutan continues to rank as the fifth-largest publicly monitored nation-state Bitcoin holder. The country trails the United States (328,000 BTC), the United Kingdom (61,000 BTC), El Salvador (7,600 BTC) and the United Arab Emirates (7,000 BTC).
The Royal Government of Bhutan has not issued any official statements regarding these recent asset disposals. The conclusions about this activity are drawn from wallet identification labels and transaction behavior patterns associated with the government and Druk Holding & Investment.
Bhutan's green Bitcoin strategy
The small kingdom accumulated the majority of its Bitcoin position through government-supported mining operations powered by hydroelectric energy to operate data centers. Government officials have positioned this strategy as an integral component of a "green Bitcoin economy" and as a method to diversify the nation's export income streams beyond traditional electricity sales.
The country leverages its excess, emission-free hydroelectric power to operate energy-demanding supercomputers dedicated to Bitcoin mining, effectively converting surplus electrical capacity into a tradable digital export commodity. Officials have been investigating whether major corporations might purchase these "green" coins to satisfy their environmental, social and governance requirements.
In December 2025, the kingdom announced a national Bitcoin Development Pledge, earmarking up to 10,000 BTC (approximately $1 billion based on prices at that time) to finance the long-term development of the Gelephu Mindfulness City special administrative region.
Government officials indicated that this allocation would be administered through various mechanisms including utilizing Bitcoin as loan collateral, deploying it in low-risk instruments that generate yield, or maintaining it as a long-term reserve asset. This approach is positioned as part of a comprehensive strategy to establish the new economic zone on a foundation of digital assets and environmentally sustainable finance.