The Royal Government of Bhutan has transferred yet another part of its Bitcoin (BTC) holdings, moving around 319.7 BTC (valued at around $23 million at current prices) to two different crypto addresses. The transactions were carried out this Thursday, onchain data has revealed.
Onchain Lens, which referenced the latest Arkham Intelligence data, pointed out that Bhutan had sent out around 250 BTC to a digital wallet that is said to be used to transfer assets for sale through Galaxy Digital as well as crypto exchange OKX.
Meanwhile, around 70 Bitcoins had been transferred to another crypto address.
Arkham explained that nation’s government sent out about $216 million in BTC from its addresses in 2026 alone with about $163 million of the cryptocurrency moved to unidentified digital wallets.
After making these outbound transactions, Bhutan reportedly still maintains 3,954 BTC, valued at roughly $280 million.
In the past, the nation had about 13,000 Bitcoins (which was back in October 2024 when market prices were a lot higher).
Druk Holding and Investments Ltd., which is Bhutan’s sovereign wealth fund, is responsible for handling the bitcoin holdings for the country’s government.
The Royal Government of Bhutan moved 319.7 $BTC worth $22.67M to 2 wallets:
– One new (likely an exchange wallet)
– One old wallet previously used to move funds for selling via #OKX or #Galaxy Digitalhttps://t.co/q4dW3qJBT5 pic.twitter.com/uge1gPHoHy— Onchain Lens (@OnchainLens) April 9, 2026
The actual reason for these recent transfers is not certain for now, however, these kinds of transactions are usually linked in some way to asset sales.
Over the years, Bhutan gradually added to its BTC reserves via hydropower-efficient crypto mining activities.
But, there’s chatter on social media that Bhutan’s government could have suspended its mining operations. This, as the market is experiencing a significant downturn, further exacerbated by the US-Iran conflict and other geopolitical tensions.
Interestingly, Bhutan is not alone when it comes to accumulating bitcoin. As widely reported, El Salvador has also been acquiring BTC since the past 5 years or more. The reason for acquiring BTC is seemingly clear: it is an attempt to hedge against the instability created by the fiat standard which has been known to debase currencies through questionable processes like excessive money printing / quantitative easing.