TL;DR

• Bhutan's investment arm moved over 1,500 BTC (~$180M) in past two weeks
• Recent transfer includes 99.47 BTC ($12M) to Binance, flagged by Onchain Lens
• Bhutan still holds over 10,000 BTC and 656 ETH
• Country uses hydro energy for Bitcoin mining and holds crypto as part of development strategy
• No official confirmation yet on whether Bhutan is selling-but market watchers are paying close attention

A small Himalayan kingdom might be making a big move in crypto. The Royal Government of Bhutan has transferred over 1,574 BTC in recent weeks through its sovereign investment arm, Druk Holding & Investments (DHI), according to data from Arkham Intelligence and Onchain Lens. That's over $180 million in Bitcoin at current prices.

One of the latest transactions-99.47 BTC worth approximately $12.05 million-was sent directly to Binance, the world's largest crypto exchange, on Monday. It followed a larger 924.84 BTC transfer to another address earlier, bringing speculation that Bhutan might be gearing up to sell part of its Bitcoin holdings.

Blockchain Reveals Bhutan’s BTC Activity

Source - ARKHAM

The movement was first flagged by Onchain Lens, a blockchain analytics platform that tracks institutional and sovereign crypto transactions. While Bhutan has made no public announcement, these transfers, especially to an exchange, suggest possible liquidation or strategic reallocation.

According to Arkham's on-chain explorer, DHI's crypto wallet still holds 10,486 BTC (almost $1.3 billion) and 656 ETH (nearly $2 million). That makes Bhutan one of the largest sovereign holders of Bitcoin in the world, rivaling countries like El Salvador.

BTC Strategy: Quiet But Active

This isn't Bhutan's first crypto headline. Despite its low key approach, the country has been involved in crypto since at least 2022, when Forbes revealed Bhutan's secret mining operations. Powered by the country's abundant hydropower, Bhutan has been quietly stacking BTC through mining-while avoiding most of the political noise.

In May, Bhutan made another move: partnering with Binance to roll out crypto payment options for tourism. The initiative aims to attract more international visitors using digital assets-yet another layer in the country's multifaceted crypto strategy. Not a Full Exit-Yet.

Even with 1,500+ BTC moved, Bhutan still retains the majority of its holdings. There's no indication that the country is planning a complete exit from crypto. Instead, this could be a rebalancing or partial profit-taking, as is common among institutional holders.

Bhutan hasn't commented on the latest blockchain activity, and Binance has not confirmed the destination of the funds. However, market watchers note that transactions of this size often hint at intent-particularly when sent to centralized exchanges.

The Bigger Picture

Bhutan's crypto involvement is a fascinating case study in sovereign level digital asset strategy. Unlike other countries that have taken a loud and sometimes controversial approach, Bhutan has remained measured. Its combination of green powered mining, strategic accumulation, and selective partnerships shows a long-term crypto thesis in action.

Yet, as prices rise and regulations shift globally, even Bhutan isn't immune to the lure of profit or the need to adapt.

Final Thought

Whether Bhutan is selling to cash in, diversify, or simply reshuffle its crypto strategy, one thing is clear: this isn't just some small country dabbling in digital coins, it's playing the big game. And as blockchain keeps every move public, the world is watching.