Bhutan transfers 738 Bitcoin (~$45M) to external wallet

The Royal Government of Bhutan transferred 738 Bitcoin, valued at approximately $45 million, to a newly created external wallet on June 6, according to blockchain data. The transaction was identified by analysts as originating from wallets associated with Druk Holding and Investments, the state-owned commercial and investment arm.

This movement continues a months-long pattern of gradual reductions in Bhutan’s sovereign Bitcoin reserves. On-chain data indicates multiple transfers occurred throughout the day, with a cumulative value exceeding $67 million. The largest single transaction involved nearly 365 Bitcoin. Analysts note the transfers have been executed in repeated, mid-sized tranches rather than as a single large liquidation, suggesting a structured treasury management approach.

Bhutan’s involvement with Bitcoin is unique among nation-states. The country has accumulated its holdings not through market purchases but by operating state-backed Bitcoin mining facilities powered by its abundant hydropower resources. This strategy once made Bhutan one of the world’s largest sovereign holders of the asset, with reserves reportedly exceeding 13,000 Bitcoin. Reports indicate those...