- Bhutan’s government-linked wallets moved 325 BTC (about $25.19M) to a Galaxy Digital-linked address and 375 BTC (around $25.18M) to an unknown wallet.
- The roughly $50M in suspected sales follow a March selling spree in which Bhutan offloaded more than $84M in Bitcoin via exchanges and OTC desks.
- Druk Holding & Investments, Bhutan’s sovereign fund, has mined BTC since 2019, at one point amassing over 13,000 BTC and ranking among the top four state holders.
Evidence suggests the Bhutanese government may have sold around 700 Bitcoin, worth approximately $50 million. This suspicion arose after analysts at Onchain Lens and Arkham Intelligence noticed two significant Bitcoin transfers originating from wallets linked to Druk Holding & Investments (DHI), the country’s investment company.
There’s speculation that Bhutan may be selling Bitcoin. The Bhutanese government recently transferred 325 Bitcoin, worth approximately $25.19 million, to a wallet linked to Galaxy Digital.
— Onchain Lens (@OnchainLens) March 31, 2026
Recent activity shows significant Bitcoin movement, with one transfer of 325 BTC (around $25.19 million) going to a wallet connected to Galaxy Digital. Another 375 BTC, valued at approximately $25.18 million, was sent to an unknown address, which experts suspect may belong to an over-the-counter trading desk or a new Bitcoin storage provider. According to Yahoo Finance, these transfers, along with earlier ones in March, suggest that Bhutan sold over $84 million worth of Bitcoin in March 2026, indicating a noticeable increase in Bitcoin distribution by governments.
In 2025, Arkham reported that the Bhutanese government owned “just over 13,000 Bitcoin, worth around $764 million” at the time, making it the fourth-largest national Bitcoin holder after the United States, China, and the United Kingdom. Unlike most governments that get Bitcoin through legal confiscations, Arkham highlighted that Bhutan’s Bitcoin comes from its own mining operations, which began in 2019 and are managed by DHI. Using its plentiful hydroelectric power, DHI has been turning extra renewable energy into a national Bitcoin reserve. Bitcointreasuries.net notes this strategy aligns with Bhutan’s goal to broaden its income sources beyond hydropower and tourism.
$50M move fits broader sell-off pattern
Recent activity shows Bhutan has been selling off significant amounts of Bitcoin. Just this March, the country moved between $45 and $120 million worth of BTC through a series of transactions. Reports from MEXC News and Bitcoin.com indicate Bhutan sold 519.7 BTC (around $37.75 million) on March 25, 2026, and another 175 BTC (about $11.85 million) earlier in the month. These funds were sent to wallets linked to QCP Capital, a trading firm based in Singapore, likely to sell the Bitcoin privately and avoid impacting the market price. As of that time, Bhutan still held around 5,424.7 BTC, worth approximately $372 million.
The Bhutanese government and DHI haven’t revealed why they recently moved 700 Bitcoin, but previous reports suggest they may be adjusting their investments, taking profits, funding projects, or simply switching where they store their Bitcoin. According to Yahoo Finance, this appears to be a continuing pattern of selling Bitcoin, and because Bhutan generates very cheap electricity from hydropower, the profits from these sales are almost entirely pure profit after covering operating costs.
Bhutan’s mining-led Bitcoin experiment
Bhutan is taking a unique approach by using Bitcoin as a national asset. The country started mining Bitcoin in 2019, leveraging its clean hydropower to create a digital reserve. This strategy supports Bhutan’s focus on Gross National Happiness by allowing them to profit from renewable energy without the need for large-scale industrial projects. Research from Arkham Intelligence has found at least four significant mining operations, including one built on the site of a previously unsuccessful $1 billion development project, showing how Bhutan is shifting its plans to focus on producing digital assets.
Bhutan is slowly selling its Bitcoin holdings, which have decreased from over 13,000 BTC to around 4,000. Each transaction is closely watched as an indication of how this small, technologically advanced nation sees Bitcoin’s place in its national finances. Recent reports show significant losses from crypto hacks – over $2.4 billion in the first half of 2025 alone – which likely explains why Bhutan prefers selling Bitcoin securely and gradually through private deals rather than keeping large amounts publicly on the blockchain. Other analysis suggests countries are increasingly using Bitcoin as a way to protect their economies and fund projects, especially when the market is strong. Bhutan, with its access to inexpensive energy, is also using Bitcoin to generate revenue from surplus electricity – a strategy that fits its unique situation perfectly.
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2026-03-31 18:12