Bhutan moves $11.8M in Bitcoin as state reserves continue to shrink

Bhutan’s state-owned Druk Holding and Investments moved 175 BTC worth about $11.85 million on March 9, continuing a steady reduction of the country’s Bitcoin reserves. Blockchain data attributes the activity to DHI and shows the transfer went to a wallet that has repeatedly received Bhutan’s coins this year. Current holdings now sit below 5,400 BTC.

Arkham Intelligence’s on-chain records link the transfer to the same bc1q address that received 184 BTC in February. The drawdown began in late 2024 and has carried through early 2026.

In February, Bhutan offloaded $22M in Bitcoin reserves. The activity included two transactions: the 184 BTC sent to the recurring bc1q address, two transfers to QCP Capital’s merchant deposit address totaling about 200 BTC valued near $15 million. Later, it also transferred BTC to a Binance hot wallet in a separate $1.5 million USDT transaction. Adding the latest $11.85 million brings 2026 outflows to roughly $42.5 million.

Bhutan’s Bitcoin balance peaked around 13,000 BTC in late 2024 after several years of accumulation tied to state-backed mining powered by hydropower. The balance has fallen about 58% to under 5,400 BTC. In dollar terms, the stash was worth more than $1.5 billion when bitcoin traded near $119,000 and is about $374 million at around $69,000 today.

DHI oversees the country’s Bitcoin mining operations, which use surplus hydropower.

In December, Bhutan announced a Bitcoin Development Pledge of up to 10,000 BTC to help fund Gelephu Mindfulness City, a planned special economic zone intended to hold digital assets as part of its reserves. The government has not said whether recent transfers are connected to that plan.