Bhutan Moves $23 Million in Bitcoin as Holdings Drop 70% From Peak

The Kingdom of Bhutan transferred 319 BTC worth $23 million to new wallets, continuing a sustained selling pattern that began in late 2024. Bhutan has moved over 9,000 BTC during this period, reducing its sovereign Bitcoin holdings from a peak of approximately 13,000 BTC to just 3,774 BTC—a decline of roughly 70%. The transfers were routed through wallets previously associated with sales on Galaxy Digital and OKX platforms. The divestment represents one of the most significant reductions in sovereign cryptocurrency holdings by any nation-state.

Bhutan's Recent Bitcoin Transactions and Holdings Decline

• ▪Bhutan moved $23 million worth of Bitcoin in a recent transaction
• ▪Bhutan has moved over 9,000 BTC since late 2024
• ▪Bhutan moved 319 BTC in a recent transaction
• ▪Bhutan's sovereign Bitcoin holdings have declined by approximately 70% from their peak

Perspective of Cryptocurrency market observers

• ▪Bhutan's Bitcoin holdings peaked at approximately 13,000 BTC before the recent selling streak
• ▪Bhutan's current Bitcoin holdings stand at 3,774 BTC after the recent transfers
• ▪Bhutan routed Bitcoin transfers through wallets previously used for sales via Galaxy Digital and OKX