- Bhutan, a major nation-state holder, moved around 175 Bitcoin worth approximately $11.85 million on Monday.
- Analytics firm Arkham notes the kingdom periodically sells Bitcoin in $5 to $10 million clips to fund state services.
- The country’s holdings, managed by its sovereign wealth fund Druk Holding and Investments, are estimated at 5,400 BTC, ranking seventh globally.
- Bhutan has accumulated roughly 13,000 Bitcoin since 2019 through hydroelectric-powered mining.
- The Prime Minister stated proceeds help finance healthcare, environmental projects, and public servant salaries.
The Kingdom of Bhutan, one of the world’s largest sovereign Bitcoin holders, moved 175 BTC worth $11.85 million on Monday as cryptocurrency markets edged higher. Blockchain data shows the funds were transferred to an address created last month. Consequently, this address had previously received 184 Bitcoin from the government.
However, that earlier 184 BTC transfer was sent to a third address, which has received a total of 1,910 Bitcoin since 2024. Analytics platform Arkham said a similar move in February preceded a $7 million sale.
“Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly heavy period of selling around mid-late September 2025,” Arkham stated. The firm estimates Bhutan’s current holdings at roughly 5,400 Bitcoin. This makes it the seventh-largest national holder, while the United States has the largest stash at 328,372 BTC.
The sovereign wealth fund Druk Holding and Investments manages these assets along with other cryptocurrencies. Its diverse portfolio includes 28 Ether and 28 KiboShib, an AI-generated memecoin.
Meanwhile, according to Arkham, Bhutan has accumulated about 13,000 Bitcoin since launching state-backed mining in 2019. Mining became less efficient following the 2024 halving, which increased operational costs.
Prime Minister Tshering Tobgay told Al Jazeera that surplus hydropower during summer months makes Bitcoin mining highly practical. In a March 2025 interview, he also noted proceeds fund healthcare, environmental initiatives, and public servant salaries.
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