Bhutan Moves $11.8 Million Worth of Bitcoin to New Wallet – Possible Sale on the Horizon
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March 10 2026 – Cointelegraph
A blockchain‑analysis firm, Arkham, confirmed on Monday that the Kingdom of Bhutan transferred 175 BTC from its principal holding address to a newly created wallet. At current market prices, the transaction is valued at roughly $11.85 million. The coins remain in the new address as of Tuesday, suggesting the move could be a precursor to another partial liquidation.
Background on Bhutan’s Bitcoin Portfolio
Bhutan is one of the world’s most prominent sovereign holders of Bitcoin. According to Arkham’s latest estimates, the Himalayan nation controls around 5,400 BTC, placing it seventh among countries with state‑owned crypto assets. The United States remains far ahead with more than 328,000 BTC (just under $22 billion at today’s rates).
The Bitcoin reserves are managed by Druk Holding and Investments, Bhutan’s sovereign wealth fund, which also holds modest positions in other digital assets, including 28 ETH and 28 KiboShib (an AI‑generated meme coin).
The country’s crypto accumulation traces back to 2019, when it launched a state‑backed mining operation powered largely by its abundant hydropower. By leveraging surplus electricity during the monsoon season, Bhutan is believed to have mined roughly 13,000 BTC over the ensuing years. The 2024 Bitcoin halving, which cut block rewards to 3.125 BTC, reduced mining profitability and prompted a shift toward higher‑value uses of excess power, such as AI and high‑performance computing services.
Recent Transfer Details
- Amount: 175 BTC (~$11.85 M)
- Destination: A wallet created about a month ago (address bc1q0ng7kkt7vt3smv82fe63tuqsq0mz5kzhptjs6x).
- Previous Activity: The same source address had moved 184 BTC earlier to a different address (bc1q73fm7mkd2ces69gchq7xp5td5yzwa085al9gku), which now holds 126 BTC after receiving a total of 1,910 BTC since early 2024.
Arkham notes that a similar-sized outflow in February was linked to a $7 million sale executed through QCP Capital. The kingdom has reportedly conducted several sales throughout 2025, typically in “clips” ranging from $5 million to $10 million. A pronounced selling period was observed in mid‑late September 2025.
Why Might Bhutan Be Selling Now?
- Market Conditions: Bitcoin posted modest gains on Monday, which could make a partial exit more attractive after a period of price stagnation.
- Liquidity Management: Regular, moderate‑sized sales appear to be part of a disciplined cash‑flow strategy, allowing the sovereign fund to fund public‑sector priorities without dramatically affecting the overall portfolio.
- Post‑Halving Adjustments: With mining rewards reduced, the government may be reallocating capital toward projects that generate higher returns on the country’s renewable‑energy surplus.
- Fiscal Needs: Prime Minister Tshering Tobgay has previously highlighted that Bitcoin proceeds support healthcare, environmental programs, and civil‑service salaries. Ongoing budgetary requirements could be prompting another drawdown.
Potential Impact
- On the Market: A $12 million sale, while sizable, is modest relative to daily Bitcoin trading volumes and is unlikely to move price significantly on its own.
- On Bhutan’s Holdings: Even if the entire 175 BTC were liquidated, the country would retain roughly 5,225 BTC, preserving its status as a major sovereign holder.
- Transparency: The use of public blockchain data offers a rare glimpse into the asset management practices of a relatively low‑profile crypto‑holding nation, underscoring the transparency benefits of on‑chain monitoring tools.
Key Takeaways
- Continued Liquidity Strategy: Bhutan is maintaining its practice of periodic, mid‑size Bitcoin sales to fund public initiatives.
- Stable Yet Flexible Portfolio: With a diversified crypto stash managed by Druk Holding and Investments, the kingdom can adjust its exposure without jeopardizing its long‑term position.
- Renewable Energy Leverage: The state’s mining operations remain tied to its hydroelectric capacity, but the post‑halving era is prompting a shift toward higher‑value energy applications.
- Watch for Further Moves: Arkham’s analysis suggests that any future transfers from the main holding address should be monitored closely for signs of additional sales or strategic redeployments.
Cointelegraph reached out to Druk Holding and Investments for comment on the latest transaction but did not receive an immediate response.
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