Bhutan Transfers $237M in Bitcoin to SegWit Addresses

The Himalayan kingdom of Bhutan has transferred approximately 237 million worth of Bitcoin to SegWit addresses since the start of 2026, according to onchain data, with a fresh movement of 90 Bitcoin valued at around 7 million drawing renewed attention from analysts. The transfers, detected by blockchain analytics platforms monitoring wallets linked to the country’s sovereign investment arm, Druk Holding and Investments, have reduced Bhutan’s known Bitcoin holdings from roughly 13,390 Bitcoin in October 2024 to about 10,000 Bitcoin currently, worth approximately 233 million at recent prices.

Bhutan accumulated its digital asset reserves not through market purchases but through state-backed mining operations powered by the country’s abundant hydropower resources. The nation generates far more hydroelectricity than its population of roughly 780,000 can consume, and Druk Holding and Investments recognized that converting surplus electricity into Bitcoin could yield higher returns than selling it at wholesale rates to neighboring grids. Mining operations are concentrated near major hydropower installations, where electricity costs are among the lowest in the world, allowing the...