Bhutan Bitcoin holdings moved lower again on Thursday after the Royal Government of Bhutan transferred 319.7 BTC, worth about $22.7 million, to two external wallets. One address was new and likely exchange-linked, while the other had been used before to route funds tied to OKX or Galaxy Digital.
The move adds to a steady pattern of outflows from wallets linked to Druk Holding and Investments, the sovereign fund that manages the country’s crypto reserves.
The transfer did not come out of nowhere. Bhutan has already moved large amounts of Bitcoin in 2026, and Arkham-linked reporting shows the pace of activity has stayed elevated through March and into April.
Bhutan Bitcoin holdings show a clear reserve drawdown trend
The latest movement leaves Bhutan Bitcoin holdings at roughly 3,954 BTC, valued near $280.6 million based on the cited reports. That is a major drop from the country’s peak balance of around 13,000 BTC, which Arkham previously revealed in 2024. Using those figures, the reserve has fallen by nearly 70 percent, highlighting how far Bhutan’s sovereign stack has declined from its high point.
Reports tied to Arkham data also show Bhutan-linked accounts have transferred more than $215 million worth of bitcoin so far in 2026, with a large share sent to non-labelled wallets. That detail matters because transfers to fresh or unidentified addresses often raise the possibility of over-the-counter sales, exchange deposits, or treasury liquidation steps. Even so, no official statement has confirmed that the current transfer was a direct sale.
This makes the current trend hard to dismiss as routine rebalancing. Bhutan has been trimming reserves in repeated batches, not in one isolated move. The market is paying attention because sovereign flows tend to carry more signaling power than standard whale transfers, especially when they happen over several weeks.
Bhutan Bitcoin holdings remain unique despite ongoing sales
What still sets Bhutan Bitcoin holdings apart is how the country built them. Unlike many government bitcoin reserves that came from seizures, Bhutan’s stack was largely created through hydropower-backed mining. Arkham’s earlier research described Bhutan as one of the few states to accumulate bitcoin through direct mining operations rather than confiscation.
That history gives the current outflows extra weight. If mining inflows have slowed, as some recent reports suggest, then the present pattern looks more like reserve drawdown than active replenishment. Bhutan has not seen a large inbound transfer for more than a year, though officials have not publicly confirmed any halt in mining activity.
For now, Druk Holding and Investments remains at the center of this strategy. Bhutan continues to support crypto-friendly initiatives domestically, yet its sovereign wallet activity points in the opposite direction on the balance sheet. With one of the April 9 wallets linked to past OKX and Galaxy Digital routing, the latest move will likely keep sale speculation alive until authorities say more.