TL;DR
- Bhutan transferred another 90 BTC worth nearly $7 million, pushing its total Bitcoin-related outflows in 2026 above $237 million.
- On-chain analysts noticed the funds moved to a SegWit address outside the country’s traditional sovereign wallet structure, increasing speculation about treasury adjustments.
- Despite the recent transfers, Bhutan remains one of the few nations that accumulated Bitcoin through hydropower-backed mining operations instead of market purchases or asset seizures.
Bhutan has executed another Bitcoin transfer tied to its sovereign crypto reserves, moving 90 BTC to a new SegWit address as discussions around the country’s long-term digital asset strategy continue. Blockchain monitoring platforms estimate the transaction at approximately $7 million based on current market prices.
The latest movement extends a broader trend seen throughout 2026, with total Bitcoin outflows now exceeding $237 million. Although authorities have not publicly commented on the transactions, analysts tracking sovereign wallets believe Bhutan may be adjusting exposure after a difficult period for miners following the 2024 Bitcoin halving.
Bhutan Bitcoin Transfers Continue To Fuel Market Speculation
On-chain records show the transferred BTC did not originate from Bhutan’s primary P2SH wallet clusters, which historically stored most of the nation’s sovereign holdings. That detail has intensified debate over whether the country is restructuring reserve management rather than carrying out a direct liquidation strategy.
Data associated with Druk Holding and Investments suggests Bhutan’s Bitcoin reserves declined from nearly 13,390 BTC in October 2024 to roughly 10,000 BTC today. Even after the recent transfers, the country still controls one of the largest state-linked Bitcoin positions globally.
Several transactions earlier this year followed a similar pattern. In April, Bhutan moved 319.7 BTC valued at around $22 million, while another 100 BTC transfer was recorded later that month. Blockchain analysts also identified wallet activity linked to crypto liquidity providers and custodial services, including transfers connected to addresses previously associated with institutional trading infrastructure.
Post-Halving Mining Conditions Reshape Sovereign Strategies
Unlike governments that acquired Bitcoin through seizures or treasury purchases, Bhutan built its reserves through state-backed mining operations powered by hydroelectric energy. That strategy attracted global attention during Bitcoin’s rally above $90,000, when mining profitability remained stronger despite growing competition.
Conditions changed after the halving reduced block rewards to 3.125 BTC. Mining difficulty kept rising, while infrastructure and operational costs increased pressure on mining companies worldwide. Several public miners responded by raising debt or selling portions of their Bitcoin holdings to maintain cash flow.
Bhutan’s model still differs from many sovereign crypto strategies because it combines renewable energy production with long-term exposure to digital assets.
