TLDR
- Bhutan’s Bitcoin reserves now exceed 10,500 BTC, valued at $1.18 billion.
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Recent transfer of 343 BTC continues Bhutan’s strategic Bitcoin management.
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Bhutan’s Bitcoin holdings represent nearly 40% of the country’s GDP.
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Transfer patterns suggest Bhutan may liquidate Bitcoin during price rallies.
Bhutan made headlines with the transfer of 343.1 BTC, valued at approximately $40.18 million, to a new wallet. This move continues a pattern of strategic Bitcoin management by the Bhutanese government, raising concerns that a selloff might be imminent.
As of September 2025, Bhutan holds more than 10,500 BTC, making it the sixth-largest sovereign holder of Bitcoin globally. This substantial cryptocurrency reserve is estimated to be worth $1.18 billion, representing around 40% of Bhutan’s GDP. The kingdom’s growing Bitcoin holdings have attracted attention, especially considering the potential impact on the broader market if Bhutan decides to liquidate a portion of its reserves.
Bhutan Consistent Bitcoin Transfer Strategy
Bhutan has been actively managing its Bitcoin reserves throughout 2025. The latest transfer follows a trend observed in earlier months, with the government strategically moving Bitcoin into new wallets. According to Arkham data, this is the latest in a series of significant transfers that began earlier in the year.
In August 2025, Bhutan moved 799.69 BTC, worth $92.06 million, into new wallets, further solidifying the country’s pattern of moving funds during periods of high Bitcoin prices.
The transfers have often been followed by deposits to exchanges, primarily Binance, creating a selling pressure in the market. This continued transfer activity has led to speculation that Bhutan may be preparing to sell portions of its Bitcoin holdings, potentially influencing the price of Bitcoin in the short term.
Potential Market Impact of Bhutan Bitcoin Holdings
The significant Bitcoin reserves held by Bhutan have raised concerns about the potential market impact if the country were to liquidate a portion of its holdings. Bhutan’s Bitcoin movements have historically coincided with Bitcoin price rallies. For instance, in July 2025, when Bitcoin reached a record high near $113,500, Bhutan made several large transfers, which could suggest a strategy of selling during price peaks.
If Bhutan decides to sell large portions of its holdings, it could put downward pressure on the Bitcoin market. However, given Bhutan’s strategic approach, the market will likely watch for signs of further transfers before making predictions.
Bhutan’s Bitcoin holdings make up a significant portion of its national wealth, with the total value of these holdings exceeding the size of the country’s GDP. This unique situation has led to discussions about the risks of relying heavily on a volatile asset like Bitcoin as part of national reserves.
Bhutan Role as a Sovereign Bitcoin Miner
Bhutan’s involvement with Bitcoin dates back to 2019, when the country’s sovereign investment arm, Druk Holding & Investments, began mining Bitcoin. The country leveraged its abundant hydroelectric power resources to establish an energy-efficient Bitcoin mining operation. The first rewards from Bitcoin mining arrived in early 2021, and large-scale infrastructure development followed later that year.
By 2023, Bhutan’s mining capacity expanded significantly through a partnership with Bitdeer Technologies, increasing its mining capacity to 600 megawatts. This development further solidified Bhutan’s position as a major player in the Bitcoin space. With cheap electricity and growing mining operations, the country has positioned itself as a strategic holder of Bitcoin.
