Bhutan, recognized as one of the leading national holders of Bitcoin, has moved 175 BTC from its primary holding address as the cryptocurrency market experiences mild gains.
According to data from Arkham, a blockchain analytics firm, this transfer amounts to approximately $11.85 million. The tokens were sent to a recently created address that had previously received 184 Bitcoin from the Bhutanese government.
As of Tuesday, the 175 Bitcoin remain untouched in that new address, while the prior transfer of 184 Bitcoin was directed to another address that has accumulated a total of 1,910 Bitcoin since 2024, currently retaining 126 BTC.
Earlier this week, Arkham noted that Bhutan conducted a similar transaction in February where it sold $7 million worth of Bitcoin in collaboration with QCP Capital. The nation is reported to regularly sell portions of its Bitcoin, typically between $5 to $10 million, with a notable increase in sales observed around mid to late September 2025.
As of now, it is estimated that Bhutan holds around 5,400 Bitcoin, ranking seventh globally among government reserves. The U.S. possesses the largest reserve with 328,372 Bitcoin, equivalent to nearly $22 billion.
Besides Bitcoin, Bhutan also manages various other cryptocurrencies through its sovereign wealth fund, Druk Holding and Investments, which includes 28 Ether (ETH) and 28 KiboShib, a memecoin generated by AI.
Last April, Bhutanese Prime Minister Tshering Tobgay informed Al Jazeera that the nation’s hydropower plants yield surplus energy during the summer, making it feasible to channel this excess power into Bitcoin mining. In a March 2025 interview, he further explained that revenues from Bhutan’s Bitcoin ventures have supported healthcare, environmental programs, and the salaries of public servants.
A growing number of Bitcoin miners have shifted their focus towards artificial intelligence and high-performance computing services since the reduction in mining rewards following the April 2024 halving.
