The Royal Government of Bhutan, operating through its sovereign investment arm, Druk Holding & Investments (DHI), has mobilized more than 284 Bitcoin – valued at approximately $22.3 million – over the past week,
According to on-chain analytics from Arkham Intelligence, the movement included a notable transfer of 184 BTC worth $14.1 million on Wednesday, following a previous transaction of 100 BTC worth $8.3 million last Friday. These funds were directed to Singapore-based market maker QCP Capital, a destination typically associated with institutional liquidity management and asset repositioning.
While these transfers do not confirm an outright sale, they follow a documented pattern of “structured clips” where Bhutan offloads assets in batches of approximately $50 million. Market analysts are watching the activity closely as Bitcoin faces significant price pressure, having tumbled roughly 40% from its October 2025 all-time high of $126,000 to levels near $70,000.
The kingdom’s total reserves have notably declined from a peak of 13,295 BTC in late 2024 to roughly 5,700 BTC at present, a shift that has seen Bhutan slip to the seventh-largest sovereign holder globally.
Bhutan’s approach to digital assets remains unique because its holdings are generated through state-backed mining operations rather than legal seizures. By leveraging its vast hydroelectric resources, the nation effectively converts surplus renewable energy into liquid foreign currency reserves.
This strategic mining initiative, which began as early as 2019, has reportedly funded national priorities such as civil servant salary increases and infrastructure development, even as the cost of production has nearly doubled following the most recent halving event.
Beyond Bitcoin, the nation’s treasury activity suggests a sophisticated and active management style rather than passive holding. On-chain data recently flagged $1.5 million in USDT moving between exchange-linked wallets and DHI addresses, alongside various Ethereum transactions.
As the Himalayan kingdom continues to integrate digital assets into its macroeconomic strategy -including plans to fund the “Gelephu Mindfulness City” initiative – its on-chain movements have become a critical psychological bellwether for institutional and sovereign sentiment in the crypto market.
