Bhutan transferred 533 BTC worth $34.5 million to Binance in multiple batches, according to onchain data from analytics platform Arkham.
The transactions were executed from a wallet identified as belonging to Druk Holding & Investments, Bhutan’s state investment arm. The largest individual transfer involved 227.19 BTC for approximately $14.7 million, followed by another for 48.22 BTC valued at around $3.1 million.
With this move, Bhutan’s publicly labeled balances dropped to 1,749.96 BTC, equivalent to $113.7 million. That represents a reduction of approximately 11,250 BTC from the peak of around 13,000 units recorded in October 2024.
Last month, Arkham had already reported an outflow of 100.44 BTC to an unlabeled address, and noted that outflows from government-linked wallets exceeded $230 million since the start of 2026. The country has made no public statements regarding the transfers.
Bhutan built its reserves through mining powered by hydroelectric energy and ranks as the seventh-largest known sovereign bitcoin holder worldwide, according to Bitcoin Treasuries data.
Source: https://arkm.com/explorer/entity/druk-holding-investments
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