Bhutan Moves $25M in Bitcoin as National BTC Reserves Keep Shrinking
Bhutan has transferred roughly 375 BTC, worth about $25.2 million, on March 31, Arkham data shows, continuing a steady run of 2026 outflows that appear tied to trading counterparties and possible liquidation.
Arkham said 374.9 BTC was sent to an unlabeled address previously associated with flows toward Galaxy Digital. Onchain Lens noted that earlier transfers along the same route ended up at institutional trading desks, reinforcing market focus on whether Bhutan is converting mined Bitcoin into cash.
The latest move follows several sizeable transfers in March. Bhutan sent 973 BTC, worth about $72 million, over two days, then moved another 519.7 BTC valued at $36.75 million to external wallets. A separate transfer of 123.7 BTC worth $8.5 million was recorded on March 27. Weekly outflows topped 1,000 BTC. Arkham has tracked more than $183 million in total 2026 movements, including around $144.91 million in net flows to unlabeled wallets.
Bhutan's Bitcoin holdings have fallen sharply from prior highs. Arkham estimates current reserves near 3,954 BTC, valued at about $263.9 million, down from roughly 13,000 BTC reported in October 2024. Other estimates place holdings at 10,769 BTC, worth around $714 million, reflecting differences in wallet coverage and valuation timing. Both sets of figures point to a sustained drawdown, alongside an estimated 25% decline in portfolio value over the past three months. Bhutan's share is now about 0.051% of Bitcoin's total supply.
The country began building reserves through Bitcoin mining in 2019, using surplus hydropower through Druk Holding and Investments. At its peak, the strategy was cited as contributing nearly 40% of GDP. Arkham data suggests mining may have halted around November 2024, with no major inflows recorded since. Activity in 2026 has instead been characterized by recurring sales, often in $5 million to $10 million batches, with proceeds directed to infrastructure and government spending linked to Gelephu Mindfulness City.
