Bhutan moves a further $23M in Bitcoin as holdings drop by 70%

Bhutan has moved another 319 BTC, taking the total to over 9,000 BTC since late 2024, and trimming its sovereign stash by around 70%.

Bhutan moved more Bitcoin from its sovereign-linked wallet on Thursday, further reducing its once sizeable BTC stash and extending its months-long selling. 

Arkham data showed a wallet attributed to the Royal Government of Bhutan and its investment arm Druk Holding & Investment, transferred about 319 Bitcoin (BTC), worth roughly $22.68 million, bringing total outflows since late October 2024 to more than 9,000 BTC.

The transfer follows a series of recent wallet movements by the country flagged by Arkham. In March alone, the Bhutan-tagged wallet moved more than 1,667 BTC (roughly $120 million), taking Bhutan’s Bitcoin holdings from about 13,000 BTC in late 2024 to 3,654 BTC in April, according to Arkham Intelligence’s tracking dashboard.

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