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Bhutan transferred additional Bitcoin from a wallet attributed to the Royal Government of Bhutan and its investment arm, Druk Holding & Investment, extending the country’s months-long selling. Arkham data showed the wallet moved about 319 BTC, worth roughly $22.68 million, bringing total outflows since late October 2024 to more than 9,000 BTC.
The latest movement follows other wallet activity flagged by Arkham. In March alone, the Bhutan-tagged wallet moved more than 1,667 BTC (roughly $120 million). Arkham Intelligence’s tracking dashboard indicates that this helped reduce Bhutan’s Bitcoin holdings from about 13,000 BTC in late 2024 to 3,654 BTC in April.
That change represents an estimated roughly 70% decline in Bhutan’s BTC holdings over the period described. Even after the sell-off, Bhutan remains among the largest publicly tracked nation-state holders, behind 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).
Bhutan’s earlier accumulation was tied to state-backed mining that uses hydropower to support data centers. Officials have described the approach as part of a “green Bitcoin economy,” intended to diversify export revenues beyond electricity sales.
According to the article, Bhutan uses surplus, carbon-free hydropower to run energy-intensive supercomputers that mine Bitcoin. The strategy frames excess electricity as a “liquid digital export,” and it also explores whether large corporations could buy Bhutan’s “green” coins to meet environmental, social and governance targets.
In December 2025, Bhutan unveiled a national Bitcoin Development Pledge committing up to 10,000 BTC (roughly $1 billion at the time) to support the long-term development of its Gelephu Mindfulness City special administrative region.
Authorities said the allocation would be managed through options including using Bitcoin as collateral, low-risk yield-generating instruments, or long-term holding, as part of a broader strategy to anchor the new economic hub in digital assets and sustainable finance.
Bhutan has not publicly commented on the recent disposals. The activity is inferred from wallet labels and transaction patterns associated with the government and Druk Holding & Investment.
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