Bhutan Transfers $11.8 Million Worth of Bitcoin
Bhutan, one of the largest government holders of Bitcoin, recently moved 175 BTC—worth about $11.8 million—from its main wallet. According to blockchain analytics firm Arkham Intelligence, the transfer was sent to another wallet that was created about a month ago.
Blockchain data shows that the receiving wallet had previously received 184 Bitcoin from the Bhutanese government. As of Tuesday, the newly transferred 175 BTC still remains in that address.
However, the earlier transfer of 184 BTC was later moved to a third wallet. That address has accumulated around 1,910 Bitcoin since 2024, although it currently holds only 126 BTC after several transactions.
Arkham noted that Bhutan has followed a similar pattern before. In February, the country moved a comparable amount of Bitcoin before selling about $7 million worth through the crypto trading firm QCP Capital.
According to Arkham’s analysis, Bhutan often sells small portions of its Bitcoin holdings in batches ranging from $5 million to $10 million. The firm also observed a particularly heavy selling period between mid and late September 2025.
Despite these sales, Bhutan remains a major nation-state Bitcoin holder. Arkham estimates that the country currently holds around 5,400 BTC, making it the seventh-largest government holder of Bitcoin globally.
For comparison, the largest government Bitcoin reserve is held by the United States Government, which controls approximately 328,372 BTC—valued at nearly $22 billion.
Bhutan also owns small amounts of other cryptocurrencies. These digital assets are managed by the country’s sovereign wealth fund, Druk Holding and Investments, which oversees the nation’s strategic investments.
How Bhutan Built Its Bitcoin Reserve Through Hydropower Mining
Bhutan’s Bitcoin strategy began in 2019 when the country launched state-backed mining operations. Instead of purchasing large amounts of Bitcoin directly, the nation focused on mining the cryptocurrency using renewable energy.
The Himalayan kingdom has an abundance of hydroelectric power, which makes Bitcoin mining more sustainable and cost-effective. During the summer months, increased river flow generates surplus electricity from hydropower plants, allowing Bhutan to use the excess energy for mining operations.
Over time, this approach helped Bhutan accumulate roughly 13,000 Bitcoin.
However, the industry changed significantly after the 2024 Bitcoin Halving. The event reduced the mining reward to 3.125 BTC per block, making mining less profitable and increasing operational costs for miners worldwide.
Bhutan’s Prime Minister, Tshering Tobgay, previously explained that Bitcoin revenues have been used to support public services. According to him, funds generated from the country’s crypto holdings have helped finance healthcare programs, environmental initiatives, and salaries for public servants.
Meanwhile, the global mining industry has been adapting to the new economic reality after the halving. Many mining companies are now redirecting their infrastructure toward artificial intelligence workloads and high-performance computing services to maintain profitability.
