Bhutan Moves Another 100.44 BTC as 2026 Outflows Hit $230M

• Bhutan has moved another 100.44 BTC from Druk Holding and Investments wallets as 2026 outflows hit $230M.
• The Bhutan government has been selling BTC mined via low-cost hydropower since 2019 to fund national projects.
• Bhutan still holds 3,119 BTC; continued sales may boost state liquidity as BTC gains status as a reserve asset.

On May 12, 2026, the Bhutanese government transferred another 100.44 BTC, worth $8.2 million, from Druk Holding and Investments’ wallets to an unlabeled address. The move pushed the kingdom’s total Bitcoin outflows for 2026 above $230 million. Bhutan’s holdings have fallen sharply from a 2024 peak of nearly 13,000 BTC to about 3,119 BTC, now valued at roughly $252 million.

Bhutan Government Moves Another 100.44 BTC Worth 8.2M

According to on-chain data from Arkham Intelligence, the Royal Government of Bhutan has transferred another 100.44 BTC, valued at approximately $8.2M. This latest movement occurred through three separate transactions from wallets linked to Druk Holding and Investments (DHI), Bhutan’s sovereign investment arm, to an unlabeled wallet starting with “bc1qn”.

Source: X

Arkham Intelligence data shows Bhutan-linked wallets have now recorded BTC outflows exceeding $230M since the beginning of 2026, indicating sustained reductions in national holdings throughout the year.

Furthermore, on-chain patterns suggest these transfers are routed to unlabeled wallets or over-the-counter (OTC) counterparties, enabling discreet execution and minimizing market impact. This consistent flow of transactions reinforces Bhutan’s structured BTC treasury liquidation strategy, as the government gradually reduces its BTC reserves through planned, low-impact sales.

Bhutan Gradually Moving Bitcoin Mining Via Low-cost Hydropower?

The Royal Government of Bhutan is gradually moving its Bitcoin holdings, mined at near-zero cost using surplus hydropower through DHI since 2019, as part of a planned treasury drawdown and liquidity strategy. The DHI-managed treasury peaked at nearly 13,000 BTC in late 2024, and the current phase of deliberate reductions reflects a structured shift in asset management following years of accumulation.

With a substantial BTC reserve now accumulated, DHI is executing steady treasury drawdowns via controlled outflows, often in $5–10 million tranches. These gradual Bitcoin sales convert holdings into usable funds for infrastructure, public spending, economic development projects like Gelephu Mindfulness City, and other national priorities. 

What’s Next?

Bhutan still holds 3,119 BTC at the prevailing price of around $81,000 per BTC, and ongoing structured sales may continue converting reserves into liquidity for national use. As Bitcoin gains broader acceptance as a reserve-style asset in sovereign portfolios, Bhutan’s measured drawdowns highlight a shift toward long-term treasury management rather than one-time liquidation.

Furthermore, at current selling rates of around $50 million per month, we expect continued small-to-mid-sized transfers every few weeks through summer 2026. Bhutan’s BTC holdings could be fully depleted by September and early October 2026, potentially unlocking up to $767 million in cumulative on-chain value from its hydropower-mined reserves.

Therefore, unlike “HODL forever” strategies seen in some larger nations, Bhutan treats BTC as a finite reserve asset, selling into strength, minimizing market disruption, and redeploying proceeds toward Gross National Happiness-aligned development goals.

Related: Bhutan Speeds Up Bitcoin Selloff With Fresh $7.8M Move