The government of Bhutan moved part of its Bitcoin reserves again this week, transferring 175 BTC worth approximately $11.85 million, according to on-chain data from analytics firm Arkham Intelligence. The transaction marks the country’s first recorded move since July, when it transferred another $6.8 million in BTC.
With this latest transaction, Bhutan’s Bitcoin transfers for 2026 have now surpassed $40 million. In total, the government has moved roughly $42.5 million worth of BTC so far this year, based on Arkham’s blockchain tracking data.
Despite these outflows, Bhutan continues to hold a sizable cryptocurrency reserve. The country currently holds around 5,400 BTC, valued at roughly $374 million at current market prices. These assets are managed by Druk Holding & Investments, the nation’s sovereign wealth fund responsible for overseeing strategic state investments.
According to Arkham, Bhutan typically sells portions of its Bitcoin holdings in relatively small tranches. These transactions are usually executed in clips ranging between $5 million and $10 million, a strategy that allows the government to manage liquidity while avoiding large disruptions in the market.
The recent transfers are modest compared with larger moves made last year. In July 2025, Bhutan transferred more than $60 million in bitcoin over the course of just four days. After those transactions, the country held more than 11,000 BTC valued at approximately $1.4 billion, an amount that at the time represented over 40% of Bhutan’s gross domestic product.
Since then, the cryptocurrency market has shifted significantly. Bitcoin’s price has fallen from around $119,000 to roughly $69,000, reflecting a notable correction across the broader crypto market.
Source: On-chain data from Arkham Intelligence and market price data for Bitcoin
Disclaimer: This content is for informational purposes only and does not constitute financial advice or an investment recommendation. Cryptocurrency markets are volatile, and investment decisions involve risk.
