Bhutan, one of the world’s largest nation-state Bitcoin holders, moved 175 Bitcoin from its main holding address as cryptocurrency markets posted modest gains on Monday.
Data from the blockchain analytics platform Arkham shows that the South Asian country moved $11.85 million worth of BTC to an address created a month ago, which previously received 184 Bitcoin from the government.
The 175 Bitcoin remain at the address as of Tuesday, according to blockchain data. However, the previous transfer of 184 was sent to a third address, which has received a total of 1,910 Bitcoin since 2024 and currently holds 126.
In an X post on Monday, Arkham said the last time Bhutan moved a similar amount of Bitcoin — in February — it was to sell $7 million of Bitcoin with QCP Capital. The kingdom has made several sales this year.
“Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly heavy period of selling around mid-late September 2025,” Arkham said.
Arkham estimates that as of Monday, Bhutan’s holdings are around 5,400 Bitcoin, making its holdings the seventh-largest among countries. The United States holds the largest government Bitcoin reserve with 328,372 Bitcoin, worth just under $22 billion as of Tuesday.
Bhutan also holds various other cryptocurrencies in varying amounts, all managed by Druk Holding and Investments, the country’s sovereign wealth fund, including 28 Ether (ETH) and 28 KiboShib, an AI-generated memecoin.
Cointelegraph reached out to Druk Holding and Investments for comment, but didn’t receive an immediate response.
Bhutan has used Bitcoin to fund public services
Bhutan has accumulated roughly 13,000 Bitcoin since launching state-backed mining operations in 2019, primarily fueled by hydroelectric energy, according to Arkham.
However, following the 2024 halving, mining became less efficient due to increased costs.
Bhutanese Prime Minister Tshering Tobgay told Al Jazeera last April that during the summer months, the kingdom’s hydropower plants generate surplus energy due to increased water flow. This surplus power makes it practical to use excess energy for Bitcoin mining.
In an interview with Al Jazeera in March 2025, Tobgay also noted that proceeds from Bhutan’s Bitcoin have been used to fund healthcare, environmental initiatives and public servant salaries.
A growing number of Bitcoin miners have redirected their energy resources toward artificial intelligence and high-performance computing services since the April 2024 halving, which reduced mining rewards to 3.125 Bitcoin and negatively impacted overall profitability.
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