Bhutan Transfers 319.7 BTC Worth $22.7 Million

The Royal Government of Bhutan transferred 319.7 bitcoin, valued at approximately $22.7 million, from a sovereign-linked wallet to two addresses on Thursday, April 9, 2026, according to blockchain analysis from firms including Arkham Intelligence and Onchain Lens. The move continues a pattern of outflows that have substantially reduced the Himalayan kingdom's cryptocurrency reserves over the past 18 months.

Blockchain data shows the bitcoin split between the two destinations: about 250 BTC went to an address previously associated with routing funds through trading platforms OKX and Galaxy Digital, while the remaining 69.7 BTC landed in a new, unlabeled wallet. Analysts from Onchain Lens noted that such transfers to exchange-linked addresses often signal preparations for sales, though Bhutanese officials have not confirmed the purpose. This transaction follows similar recent activity, including outflows of 374 BTC about a week earlier and 520 BTC two weeks prior, as tracked by Arkham.

Since late October 2024, Bhutan has offloaded more than 9,000 BTC, bringing its holdings down from a peak of around 13,000 BTC to approximately 3,954 BTC, now worth about $280 million at current...