Bhutan, Which Has Been Quietly Accumulating Bitcoin (BTC) Through Mining for a Long Time, Sold BTC

According to data shared by the cryptocurrency data platform Arkham Intelligence, the Bhutanese government continues to move some of its Bitcoin assets. Recent data reveals that Bhutan transferred approximately $11 million worth of Bitcoin from its main wallet addresses. This movement is believed to be part of the country’s occasional sales transactions.

Bhutan has previously conducted a similar transaction. About a month ago, the country reportedly sold Bitcoin worth approximately $7 million in partnership with QCP Capital. On-chain data indicates that the Bhutanese government prefers to sell small portions of its Bitcoin reserves in increments, typically ranging from $5 million to $10 million. It’s particularly noteworthy that sales activity intensifies between mid- and late September 2025.

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According to Arkham data, significant amounts of cryptocurrency are still held in addresses controlled by Druk Holdings & Investments, Bhutan’s state investment arm. The institution controls approximately 222 different wallet addresses containing over $374 million worth of crypto assets.

The majority of these assets consist of Bitcoin. According to the data, the Bhutanese government holds approximately 5,425 BTC, with a total value of around $374 million. In addition, Bhutanese wallets also hold a small amount of Ethereum, approximately 28 ETH, which is estimated to be worth around $57,000.

*This is not investment advice.

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