Blockchain monitoring data shows that Bhutan recently transferred approximately $11.85 million worth of Bitcoin from its sovereign wallet, continuing its long-term asset allocation pattern. Previously, the receiving address had cumulatively received 184 Bitcoins from Bhutan, and the newly transferred Bitcoins remained at the original address as of Tuesday. It is worth noting that the previous 184 Bitcoins were subsequently transferred to another address related to Bhutan's treasury activities, which has cumulatively received approximately 1,910 Bitcoins since 2024 and currently holds approximately 126.
According to Arkham's on-chain tracking, Bhutan often transfers its Bitcoin holdings in batches of $5 million to $10 million. These operations often occur before market fluctuations or during periodic selling cycles. In February of this year, Bhutan conducted a similar transfer of approximately $7 million, and the related assets were eventually realized through digital asset trader QCP Capital. Historical records also show that in mid-to-late September 2025, Bhutan repeatedly transferred Bitcoin from its treasury wallet, which the market generally associated with multiple rounds of small-scale selling.
This latest development further confirms Bhutan's systematic management strategy for its sovereign crypto assets. It is worth noting that this transfer occurred at the beginning of this week during a moderate rebound in the digital currency market, indicating that its operations may correspond to the market rhythm.
Despite Bhutan's continuous asset reallocation, it remains one of the countries with the highest sovereign Bitcoin holdings in the world. Arkham estimates that Bhutan currently holds approximately 5,400 Bitcoins, worth hundreds of millions of dollars at current market prices. In comparison, wallets associated with the U.S. government hold more than 328,000 Bitcoins, worth nearly $22 billion, still ranking first in the world.
Bhutan's Bitcoin reserves mainly come from the state-supported mining project launched in 2019, which relies on the country's abundant hydropower resources to convert surplus clean energy into crypto asset production. However, after the Bitcoin halving in April 2024, block rewards fell to 3.125, leading to a sharp decline in mining revenue and increased operating costs, forcing some mining farms to adjust their strategies. At the same time, some global mining companies are gradually shifting their computing resources to the field of artificial intelligence computing, which also brings new considerations to Bhutan's energy utilization model.