Bhutan State Bitcoin Wallet Drops to 3,954 BTC After Latest Sale

Druk Holding & Investments (DHI) has reduced Bhutan’s bitcoin holdings to about 3,954 BTC following a new treasury sale, according to onchain tracking by Arkham Intelligence. The latest move involved 319.7 BTC, worth roughly $23 million, recorded on April 9, 2026.

Latest outflow and transaction routing

Arkham Intelligence tracked an outflow from a DHI-linked wallet to two destination addresses. One address has a documented history of routing funds through trading partners, including crypto firms OKX and Galaxy Digital. The second address appears to be a new intermediary or exchange deposit address.

Onchain Lens flagged the split and noted historical connections to prior liquidations. The transfer follows a series of similarly sized moves in recent weeks.

Recent sales and broader 2026 outflows

Bhutan sent approximately 374 BTC (about $25 million) about one week earlier, and around 520 BTC (about $37 million) two weeks before that. Onchain data also indicates more than $200 million in outflows from Druk Holding wallets in 2026 alone.

Reserve decline and mining inflows

Bhutan’s bitcoin reserves have fallen by 9,046 BTC since the reserve’s peak of roughly 13,000 BTC accumulated between 2019 and late 2024. The holdings now stand at approximately 3,954 BTC, worth around $281 million at current prices.

Onchain data shows no new mining inflows for more than a year, suggesting continued drawdown of the treasury rather than replenishment through mining.

Background on Bhutan’s bitcoin program

Bhutan built its bitcoin reserve through state-backed mining operations powered by surplus hydroelectric energy, working with Bitdeer. DHI, the government’s sovereign investment vehicle, funded and expanded those facilities and later partnered with Bitdeer Technologies to scale capacity. At peak holdings, the stash represented a meaningful share of Bhutan’s roughly $3 billion economy.

Interpretation and funding use

The transfers appear consistent with treasury management and profit-taking rather than distressed selling. Proceeds from earlier sales have reportedly funded domestic expenses, including civil servant pay increases. No official government statement has accompanied the recent transactions, consistent with Bhutan’s low-profile approach to its bitcoin program.

Where the transactions can be verified

All transaction data is verifiable onchain through Arkham, Mempool.space, or other blockchain explorers using the source address bc1q0ng7kkt7vt3smv82fe63tuqsq0mz5kzhptjs6x.