Bhutan Quietly Sells Bitcoin After Long Accumulation, Holds Over $370 Million in Crypto Assets

According to on-chain data provided by crypto data analytics platform Arkham Intelligence, the Bhutanese government recently transferred approximately $11 million worth of Bitcoin from its main wallet address. This operation is seen as part of the country's phased disposal of its crypto assets. A month prior, Bhutan partnered with QCP Capital to sell around $7 million in Bitcoin, indicating a strategy of gradually reducing holdings in small batches of $5 million to $10 million. Notably, the frequency of such transactions increased significantly in mid-to-late September 2025.

Bhutan's national investment arm, Druk Holdings & Investments, still holds a substantial amount of crypto assets, managing a total of 222 wallet addresses with a total value exceeding $374 million. The vast majority of this is in Bitcoin, approximately 5,425 BTC, valued at around $374 million at current market prices. In addition, its wallets hold approximately 28 Ethereum, worth about $57,000, representing a very small proportion of its overall holdings.

As one of the few countries in the world with active government involvement in Bitcoin accumulation, Bhutan has leveraged its abundant hydropower resources to mine Bitcoin using clean energy over the long term, gradually building up a vast digital asset reserve. This sale is not a complete sell-off, but rather a dynamic adjustment of its asset structure, reflecting its prudence and strategic vision in crypto asset allocation.