Bhutan moves another 100 BTC as reserves shrink

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Bhutan moves 100 BTC

Highlights

Bhutan moved about 100.44 BTC, worth around $8.2 million.
Outflows from state-linked wallets have exceeded $230 million in 2026.
The country still holds about 3,119 BTC, worth roughly $252.3 million.
Bhutan built much of its Bitcoin reserve through hydropower-based mining.

Another transfer from government wallets

According to the Block, the Royal Government of Bhutan moved about 100.44 BTC on Tuesday to an unidentified address beginning with bc1qn. The transfer was split into three transactions and took place around 5:27 UTC.

Arkham reported the transfers appear to be linked to selling activity. Since the start of 2026, outflows from Bhutan-linked addresses have exceeded $230 million, or about $50 million in BTC per month. Analysts estimated that if Bhutan sold its remaining coins at current prices, it could exit with a total profit of about $767 million.

The exact reason for the latest transfer remains unclear. Some previous transactions were identified as deposits to Binance and Galaxy Digital, but the latest movement could also represent wallet consolidation, with funds moved from an older Bitcoin address beginning with "3" to a newer "bc1q" address.

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Reserves fall from peak levels

After the latest transfer, Bhutan still holds about 3,119 BTC, worth roughly $252.3 million, according to Arkham. That is well below the peak of nearly 13,000 BTC recorded in October 2024.

The move is part of a broader decline in Bhutan’s holdings. The Arkham previously reported that the country moved 250 BTC in April, when total outflows since the start of 2026 had already topped 3,247 BTC, or about $240.4 million.

The reserves are managed by Druk Holding & Investments, Bhutan’s state investment arm. Unlike many governments that acquired Bitcoin through seizures, Bhutan built much of its position through mining, using the country’s abundant hydropower resources.

A sovereign Bitcoin reserve under liquidity pressure

The latest transfer matters less because of its size and more because of the pattern it shows. A 100 BTC move alone is unlikely to affect the broader Bitcoin market, but repeated outflows suggest that Bhutan may be turning part of its mined Bitcoin reserves into liquidity.

For Bhutan, that could help fund budget or investment needs without adding debt. For the market, it is a reminder that even countries that mined Bitcoin as a strategic asset may reduce holdings when financial conditions change.

The next question is whether Bhutan continues selling at a pace of about $50 million a month, or whether the latest transfers are mainly part of internal wallet restructuring.

In an earlier report, we noted that Bhutan continues offloading Bitcoin, reducing state reserves.

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