The Kingdom of Bhutan transferred 519.707 Bitcoin worth $36.75 million to external addresses, continuing a significant drawdown from its sovereign treasury. The nation’s Bitcoin holdings have fallen 66% from late 2024 peaks to 4,453 BTC worth approximately $315 million, with year-to-date outflows exceeding $150 million as it monetizes its mining operations.
The Kingdom of Bhutan transferred another 519.707 BTC worth $36.75 million to external addresses on Wednesday, accelerating its sovereign Bitcoin liquidation. The Royal Government of Bhutan now holds 4,453 BTC worth approximately $315 million, down from nearly 13,000 BTC in late 2024, according to on-chain data.
The latest transfer continues a drawdown that began after October 2024, with total year-to-date outflows exceeding $150 million. The steady pace has accelerated in recent weeks, with Bhutan moving from $5-15 million clips in January and February to $35-45 million transfers in March, according to transaction analysis.
Wednesday’s movement to external wallets follows patterns consistent with exchange deposits, though specific destinations remain unconfirmed. This sovereign selling represents one of the largest government Bitcoin liquidations on record, creating consistent selling pressure.
Unlike most state holdings, Bhutan accumulated its treasury through mining rather than purchases, leveraging its abundant renewable resources. In December 2025, the nation pledged up to 10,000 BTC to develop Gelephu Mindfulness City, an economic hub in the south of the country.
