The Kingdom of Bhutan has transferred over $72.3 million worth of Bitcoin from its national wallets in the past 24 hours. According to data from Arkham Intelligence, state-owned Druk Holding and Investments moved more than 973 BTC in six separate transactions. This follows a pattern of periodic sales, with Bhutan using portions of its Bitcoin reserve to fund its long-term economic development projects.
The Kingdom of Bhutan has transferred over $72.3 million in Bitcoin from its wallets over the last 24 hours. Druk Holding and Investments (DHI), which manages the country’s crypto investments, moved more than 973 BTC in six separate transactions according to Arkham Intelligence.
DHI also moved more than 175 BTC, valued at $11.8 million, on March 10. Arkham stated that “Bhutan periodically sells portions of its Bitcoin in clips of $5 million to $10 million, with a particularly heavy period of selling around mid-late September 2025.“
The country has adopted a national Bitcoin Development Pledge to support its economic development. In December, the Kingdom said it will tap into 10,000 BTC from its stash to build the Gelephu Mindfulness City.
That leaves Bhutan holding more than 4,400 BTC, valued at over $322 million. Data compiled by Arkham shows its current portfolio.
Wallet addresses controlled by Bhutan have not seen inflows greater than $100 million in over a year. Arkham said this raises speculation that the country has ceased or curtailed its mining operations.
Bhutan transferred more than 284 BTC in February, valued at over $22 million. This occurred amid a broad crypto market downturn since the October 2025 crash.
The crash took the price of BTC to a low of $60,000 from its all-time high of about $126,000. The market has since seen a limited recovery to current price levels.
Bhutan held about 13,295 BTC in October 2024 when its holdings peaked. According to Arkham Intelligence, it has been selling BTC from its reserve since that time.
The 13,295 BTC reserve would have been worth over $1.6 billion at the all-time high price. This peak was reached in October 2025 immediately before the market crash.
