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Analysts uncover details regarding the expenditure of Bhutan’s state Bitcoin reserves., 2026/03/18 16:51:39
In the past 24 hours, the authorities of the Kingdom of Bhutan transferred 973 bitcoins valued at approximately $72.3 million from their crypto addresses, according to analysts from Arkham Intelligence.
The transactions were executed through wallets associated with Druk Holding & Investments, which manages the state’s cryptocurrency portfolio. A total of 20.5 bitcoins (around $1.52 million) were sent to the address of the Singapore trading firm QCP Capital. This indicates that Bhutan is not merely shifting crypto assets between cold wallets but is preparing to sell bitcoins on the over-the-counter market or to enhance liquidity management, as concluded by Arkham Intelligence experts.
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Since the beginning of the year, Bhutan has transferred bitcoins worth over $110 million from government crypto wallets. In February, the kingdom’s government sold 100 BTC for $6.8 million. Previously, Bhutan primarily accumulated bitcoins, but the strategy has shifted—authorities are actively selling off accumulated assets, leading to a significant reduction in Bhutan’s bitcoin reserves. While in October 2024, the government held more than 13,000 BTC, Druk Holding now controls 4,453 BTC valued at approximately $330 million.
Over the past year, no bitcoin transactions exceeding $100,000 have been recorded in Bhutan’s state reserve, which may indicate a slowdown in the mining activity under government control, suggested Arkham Intelligence. Bhutan had aimed to increase its bitcoin reserves through mining powered by hydroelectric energy. However, the lack of new large bitcoin inflows into the state reserve could imply that the kingdom’s authorities are ready to cease mining, analysts from Arkham speculated.
Last year, Bhutan’s authorities announced plans to utilize 10,000 of their reserve bitcoins for the economic development of the town of Gelephu and to create high-paying jobs for the youth. In the same year, Bhutan launched a digital identification system for citizens based on the Ethereum blockchain.
