TLDR
- Bhutan moved 175 BTC, valued at approximately $11.85 million, on March 9.
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The country has transferred about $42.5 million in BTC so far in 2026.
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Bhutan still holds about 5,400 BTC valued at nearly $374 million.
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Arkham said that Bhutan often sells Bitcoin in batches of $5-$10 million.
Bhutan has moved another 175 BTC on March 9, and the transfer added to a growing line of state Bitcoin outflows this year. The move was worth about $11.85 million and pushed the country’s 2026 total to roughly $42.5 million, based on Arkham data.
The transfer was not large by Bhutan’s earlier standards. Still, it showed that the government continues to trim portions of its holdings in measured batches. Arkham said Bhutan “periodically sells portions of its Bitcoin in clips of $5 million to $10 million.”
Bhutan Adds Another Bitcoin Transfer in March
The latest wallet movement came about a month after Bhutan moved roughly $6.8 million in BTC. That means the March 9 transfer was part of a continuing pattern rather than a one-off event.
Arkham data shows the country has now moved about $42.5 million in Bitcoin in 2026. Chain watchers have tracked several transfers this year as Bhutan adjusts its state-held crypto reserves.
Bhutan just moved another $11 Million of Bitcoin out of its main holding addresses.
The last time they did this was 1 month ago, and they were selling $7 Million of BTC with QCP Capital.
Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly… pic.twitter.com/tBuz280bBe
— Arkham (@arkham) March 9, 2026
Bhutan still holds a large reserve after these moves. Its wallets contain about 5,400 BTC, valued near $374 million at current market prices. Those assets are managed by Druk Holding & Investments, the sovereign wealth fund.
That holding keeps Bhutan among the better-known government Bitcoin owners. Unlike many state reserves linked to seizures, Bhutan built much of its position through mining.
Sales Remain Smaller than the Major Moves Seen Last Year
The latest transfer looks modest when compared with Bhutan’s larger moves in July last year. During that period, the country moved more than $60 million in Bitcoin over four days.
At that time, Bhutan held more than 11,000 BTC, and the stash was valued near $1.4 billion. Reports then linked the holdings to more than 40% of the country’s gross domestic product. The current reserve is much smaller in both coin count and market value. Bitcoin also trades far below the level cited during those earlier transfers, which changes the size of each sale in dollar terms.
Recent transfers therefore, point to a slower and more controlled selling pace. They do not match the size or frequency of the larger disposal window seen before.
Hydropower Mining Still Shapes Bhutan’s Bitcoin Strategy
Bhutan built its Bitcoin holdings through mining powered by hydroelectric energy. That approach gave the country a direct route into Bitcoin accumulation without relying on market purchases. This background matters because it frames the current transfers as treasury management. The sales appear to be partial conversions from mined reserves rather than a full exit from Bitcoin exposure.
Arkham’s tracking suggests Bhutan has favored structured transfers over sudden liquidation. The March 9 move fits that pattern, as the amount sits within the regular batch range cited by the firm.
For now, the main takeaway is simple. Bhutan is still holding a large Bitcoin reserve, but it continues to release smaller amounts into the market through scheduled-looking transfers.
