Key Highlights
Bhutan-linked wallets moved about 319.7 BTC, worth roughly $23 million, on April 9.
After the transfer, Bhutan’s tracked holdings stood at about 3,954 BTC, worth roughly $280.6 million.
The country’s Bitcoin reserves are down about 70% from a peak of around 13,000 BTC in October 2024.
Bhutan moved another 319.7 BTC from state-linked wallets on April 9, extending a run of Bitcoin outflows that has cut the country’s reserves sharply from their late-2024 peak. On-chain tracking tied the transfer to wallets connected to Druk Holding & Investments, Bhutan’s sovereign investment arm.
The latest move leaves Bhutan with about 3,954 BTC, according to data cited in market coverage today. That is down from roughly 13,000 BTC at the peak identified by Arkham, putting the country’s remaining stack about 70% below its high-water mark.
Bhutan has been one of the more unusual sovereign Bitcoin holders because its reserves were built through state-backed mining operations, not confiscations. Arkham’s earlier research said Bhutan’s government-funded mining activity had been running since 2019.
The latest transfer follows a broader pattern of selling in 2026. Bhutan moved more than $150 million worth of Bitcoin this year, while today’s market summaries put total 2026 outflows above $215 million.
