Bhutan Moves $12 Million in Bitcoin, Bringing 2026 Government Outflows to $42 Million

The Royal Government of Bhutan transferred 175 Bitcoin valued at approximately $11.85 million on March 9, 2026, marking its latest periodic sale as total government-related Bitcoin movements for the year surpass $42 million.

The transfer, executed through Druk Holding & Investments, Bhutan’s sovereign wealth fund, follows a pattern of selling Bitcoin in increments of $5 million to $10 million, with the country maintaining approximately 5,400 BTC worth $374 million in its treasury.

Transfer Details and Transaction Pattern

March 2026 Transfer

Blockchain analytics platform Arkham Intelligence identified the transfer of 175 Bitcoin from one of Bhutan’s primary holding wallets on Monday, March 9. The transaction, valued at approximately $11.85 million based on current market prices, represents the country’s first significant Bitcoin movement since a $6.8 million transfer last month.

The transfer occurred as Bitcoin traded near $68,500, with the total value of government Bitcoin movements in 2026 now reaching approximately $42.5 million. Bhutan has established a pattern of periodically selling Bitcoin in smaller clips of roughly $5 million to $10 million, according to Arkham’s analysis.

Previous Outflows

The March transfer follows a similar move approximately one month ago when the government sold roughly $7 million worth of Bitcoin through QCP Capital. These periodic sales contrast with larger historical transfers, such as July 2025 when Bhutan moved over $60 million in Bitcoin across four days.

At the time of those July transfers, Bhutan held over 11,000 Bitcoin valued at approximately $1.4 billion, representing more than 40 percent of the country’s gross domestic product. Since then, Bitcoin’s price has declined significantly from approximately $119,000 to current levels near $69,000.

Bitcoin Accumulation Through Mining

Hydro-Powered Operations

Bhutan has primarily built its Bitcoin reserves through mining operations rather than market purchases, utilizing the country’s abundant hydroelectric power to fuel sustainable mining activities. This approach has allowed the Himalayan kingdom to accumulate digital assets while leveraging its natural resources.

Druk Holding & Investments, Bhutan’s sovereign wealth fund, manages the country’s digital asset portfolio, including the Bitcoin holdings generated through these mining operations. The fund’s strategic approach to digital assets has positioned Bhutan among the largest sovereign Bitcoin holders globally.

Sovereign Holdings Context

Current Treasury Position

Following the March 9 transfer, Bhutan maintains approximately 5,425 Bitcoin in its treasury, valued at roughly $372 million based on current market prices. This positions the country as the seventh-largest sovereign Bitcoin holder among nations with publicly disclosed digital asset treasuries.

The remaining holdings represent a significant portion of Bhutan’s foreign reserves, though substantially reduced from peak levels in mid-2025 when the portfolio was valued at over $1.4 billion. The combination of periodic sales and declining Bitcoin prices has reduced the treasury’s value by approximately 73 percent from its peak.

Strategic Rationale

The periodic sales suggest a measured approach to liquidating portions of the mining-derived Bitcoin holdings, potentially to fund government operations or diversify sovereign assets. The consistent pattern of $5 million to $10 million clips indicates a deliberate strategy rather than reactive selling.

FAQ: Bhutan Bitcoin Transfers

Q: How much Bitcoin does Bhutan currently hold?

A: Following the March 9 transfer of 175 BTC, Bhutan holds approximately 5,425 Bitcoin valued at roughly $372 million, making it the seventh-largest sovereign Bitcoin holder among countries with public treasuries.

Q: What is the total value of Bhutan’s Bitcoin transfers in 2026?

A: Bhutan has transferred approximately $42.5 million worth of Bitcoin so far in 2026, including the March 9 transfer of $11.85 million and a February transfer of $6.8 million, following a pattern of periodic $5 million to $10 million sales.

Q: How did Bhutan acquire its Bitcoin holdings?

A: Bhutan has primarily built its Bitcoin reserves through mining operations powered by the country’s abundant hydroelectric resources, rather than through market purchases. The assets are managed by Druk Holding & Investments, the sovereign wealth fund.

Q: How does Bhutan’s current Bitcoin holdings compare to peak levels?

A: In July 2025, Bhutan held over 11,000 Bitcoin valued at approximately $1.4 billion, representing more than 40 percent of GDP. Following periodic sales and a significant decline in Bitcoin’s price from approximately $119,000 to $69,000, the treasury value has reduced by about 73 percent.