The Royal Government of Bhutan recently transferred approximately 400 BTC, valued at $30.62 million, to an unidentified external address. According to Lookonchain, this move reduces the country's labeled on-chain holdings to roughly 518 BTC.
This current balance is a significant drop from the peak of 13,000 BTC recorded in October 2024, representing a reduction of about 96%. The sovereign wealth fund, Druk Holding and Investments, has been routing Bitcoin to various counterparties throughout 2026, including Binance, Galaxy Digital, and QCP Capital.
In June, a single transaction moved 533 BTC to Binance. Throughout the year, the government has consistently executed transactions in the range of 300 to 500 BTC, with total outflows from labeled wallets exceeding hundreds of millions of dollars.
Bhutan began accumulating Bitcoin in 2019 through state-backed hydropower mining. While government representatives have described these transfers as liquidity management, mining inflows to labeled wallets have remained minimal for over a year.
In December 2025, Bhutan pledged up to 10,000 BTC for the Gelephu Mindfulness City urban development project. It remains unclear whether these funds were transferred to a development fund or sold to raise fiat currency for construction.
