Bhutan, one of the world’s largest bitcoin holders, moved only 175 bitcoins from its main address as cryptocurrency markets posted modest gains on Monday.
Data from blockchain analytics platform Arkham shows that the South Asian country transferred $11.85 million worth of BTC to an address created a month ago that previously received 184 Bitcoins from the government.
According to blockchain data, 175 Bitcoins are still in the address as of Tuesday. However, the previous transfer of 184 was sent to a third address, which received a total of 1,910 Bitcoins from 2024 and currently contains 126.
In an X message on Monday, Arkham said that the last time Bhutan transferred a similar amount of bitcoin — in February — it had to sell $7 million worth of bitcoin with QCP Capital. The kingdom has made several sales this year.
“Bhutan periodically sells its Bitcoin units in clips of $5-10 million, with a particularly heavy selling period in the latter half of September 2025,” Arkham said.
Arkham estimates that as of Monday, Bhutan’s holdings were about 5,400 bitcoins, making it the seventh largest among the countries. The United States has the country’s largest hoard with 328,372 bitcoins, worth just under $22 billion as of Tuesday.
Bhutan also holds 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 did not immediately receive a response.
Bhutan uses Bitcoin to finance services
According to Arkham, Bhutan has amassed nearly 13,000 bitcoins since launching state-owned mining operations in 2019, fueled mostly by hydroelectric power.
However, after the 2024 halving, mining has become less efficient due to rising costs.
related to: Strategy Buys $1.3 Billion in Bitcoin as Assets Top 738,000 BTC
Bhutan’s Prime Minister Tshering Tobgai told Al Jazeera in April last year that during the summer months, the kingdom’s hydropower plants generate extra power due to increased water flow. This abundance of power makes it very practical to use excess energy to mine Bitcoin.
In an interview with Al Jazeera in March 2025, Tobgai also noted that the revenue from Bhutan’s Bitcoin was used to finance health care, environmental initiatives, and civil servant salaries.
An increasing number of Bitcoin miners have directed their energy resources towards artificial intelligence and high-performance computing services, which has reduced mining rewards to 3,125 Bitcoins by mid-April 2024 and negatively affected overall profitability.
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