The royal government of Bhutan has moved another portion of its bitcoin (BTC) reserves, transferring about 319.7 BTC ($22.68 million) to two addresses on Thursday, according to onchain data.
Blockchain analysis provider Onchain Lens, citing Arkham data, Put up the flag that Bhutan transferred approximately 250 BTC to a wallet allegedly used to transfer funds for sales by Galaxy Digital and OKX; Another 69.7 BTC was sent to a new, unmarked address.
Arkham noted In a post on X, the Bhutanese government has moved $215.7 million worth of bitcoin out of its holding addresses so far this year, including $162.6 million into unlabeled wallets.
After the latest transfer, Bhutan currently holds 3,954 BTC, worth approximately $280.6 million. At its peak, the country held about 13,000 BTC in October 2024. Druk Holding and Investments Ltd., the country’s sovereign wealth fund, manages bitcoin assets for the government.
The motive for the latest transaction remains unclear, although such activities are often linked to potential asset sales. The Block has contacted Droke Holding for comment.
Bhutan has historically built its bitcoin holdings through hydropower-backed mining operations. However, speculations have emerged that the government has stopped mining, as its last bitcoin inflow was recorded over $100,000 a year ago. Arkham.
Bitcoin fell 1.3 percent over the past 24 hours to trade at $70,859 as of 2:30 a.m. ET Thursday, according to The Block’s price page. The world’s largest cryptocurrency previously hit an all-time high of around $124,900 in October 2025.
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