Bhutan, among the world’s largest national holders of Bitcoin, transferred $11.85 million worth of the cryptocurrency on Monday as markets gained slightly. The move involved shifting 175 Bitcoin to a recently created address, following a pattern of periodic government sales. Blockchain data shows the nation’s sovereign wealth fund, Druk Holding and Investments, manages these assets, which have funded public services.
Bhutan moved 175 Bitcoin, worth approximately $11.85 million, from a primary holding address according to data from the blockchain analytics platform Arkham. The transfer was made to an address created a month ago, which had previously received 184 Bitcoin from the government.
The 175 Bitcoin remained at that address as of Tuesday according to blockchain data. An earlier transfer of 184 Bitcoin was sent to a third address, which has received a total of 1,910 Bitcoin since 2024 and currently holds 126.
Arkham stated in an X post that Bhutan last moved a similar amount in February to sell $7 million of Bitcoin with QCP Capital. The analytics firm noted the kingdom periodically sells portions of its Bitcoin in clips of $5-10 million.
Arkham estimates Bhutan’s holdings are around 5,400 Bitcoin as of Monday, ranking seventh-largest among countries. The United States possesses the largest country-held stash with 328,372 Bitcoin, valued at nearly $22 billion.
Bhutan’s sovereign wealth fund also manages various other cryptocurrencies. These include 28 Ether (ETH) and 28 KiboShib, an AI-generated memecoin.
The nation has accumulated roughly 13,000 Bitcoin since launching state-backed mining operations in 2019. These operations are primarily fueled by hydroelectric energy, as detailed by Arkham.
Prime Minister Tshering Tobgay told Al Jazeera last April that surplus hydropower during summer months makes Bitcoin mining highly practical. In a March 2025 interview, Tobgay also noted that proceeds from Bhutan’s Bitcoin have been used to fund healthcare, environmental initiatives and public servant salaries.
Mining became less efficient following the April 2024 halving, which reduced block rewards. A growing number of Bitcoin miners have since redirected energy resources toward artificial intelligence and high-performance computing services.
