Bhutan moved 175 Bitcoin worth about $11.85 million from its main holding address to a wallet created about a month ago, according to Arkham.
The transfer went to an address that had previously received 184 BTC from the government.
The 175 BTC remained at that address as of Tuesday, based on onchain data.
Where the coins went
Arkham said the earlier 184 BTC transfer was later sent to a third address.
That address has received 1,910 BTC since 2024 and currently holds 126 BTC.
Arkham points to past sales
In an X post on Monday, Arkham said the last time Bhutan moved a similar amount of Bitcoin in February, it sold $7 million worth of BTC with QCP Capital.
Arkham added that Bhutan has made multiple sales this year.
Arkham said:
“Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly heavy period of selling around mid-late September 2025.”
Holdings and mining background
Arkham estimates Bhutan holds about 5,400 BTC, ranking it seventh among countries.
Arkham said Bhutan has accumulated roughly 13,000 BTC since launching state-backed mining in 2019, largely powered by hydroelectric energy.
Bhutan’s bitcoin is managed by Druk Holding and Investments, the country’s sovereign wealth fund.
Bhutan’s Prime Minister Tshering Tobgay told Al Jazeera that surplus summer hydropower supports mining, and said proceeds have funded healthcare, environmental initiatives, and public servant salaries.
