The Kingdom of Bhutan has made headlines with its recent cryptocurrency activity, transferring over $72.3 million in Bitcoin from its wallets within a 24-hour window. This significant movement of funds reflects Bhutan’s ongoing strategy of selling portions of its Bitcoin holdings. The transactions involve more than 973 Bitcoin, completed in six separate moves by Druk Holding and Investments (DHI), the state-owned investment arm responsible for managing the nation’s Bitcoin mining operations and crypto assets, as reported by Arkham Intelligence.
In a related transaction earlier this month, DHI transferred over 175 Bitcoin, estimated to be valued at $11.8 million, underscoring a pattern of periodic sales that typically ranges from $5 million to $10 million. Arkham has noted that a particularly intensive selling phase is expected around mid to late September 2025.
Bhutan has committed to a national Bitcoin Development Pledge, aiming to leverage its cryptocurrency wealth for long-term economic growth. Plans include utilizing 10,000 Bitcoin from its reserves to aid in the establishment of Gelephu Mindfulness City, a special administrative region designed to foster innovation and sustainability.
Despite recent sales, Bhutan remains a notable holder of Bitcoin, with over 4,400 BTC, valued at approximately $322 million, still in its possession. However, Arkham reports that wallet addresses linked to the country have not witnessed inflows exceeding $100 million for over a year, raising questions about the continuation of its mining operations.
Cointelegraph reached out to DHI for insights regarding its Bitcoin mining status, but did not receive a reply before publishing. The nation, which gained attention in the crypto sphere in 2024 and 2025 for its environmentally friendly Bitcoin mining practices, has made substantial reductions in its cryptocurrency reserves since then.
In February, Bhutan transferred more than 284 Bitcoin amid a prolonged downturn in the broader cryptocurrency market, which has been struggling since a significant crash in October 2025. This downturn saw Bitcoin prices plummet to around $60,000, a decline of over 50% from its all-time high of approximately $126,000, indicating a fluctuating but volatile crypto landscape.
In October 2024, Bhutan’s cryptocurrency holdings peaked at about 13,295 BTC, a reserve that would have been valued at over $1.6 billion at the market high before the crash. Since that peak, the country has actively continued to decrease its reserves through ongoing sales, navigating the dynamic and often tumultuous world of cryptocurrency investment.
