Bhutan moves $23 million worth of bitcoin; total holdings down 70% from peak
Bhutan transferred $22.68 million in Bitcoin, reducing its holdings by 70% from its peak.Summary
The Royal Government of Bhutan has transferred approximately 319.7 BTC, valued at $22.68 million, to two separate addresses. Onchain data indicates that about 250 BTC were sent to a wallet associated with potential sales via Galaxy Digital and OKX, while the remaining 69.7 BTC went to a new, unmarked address. This latest transaction follows earlier transfers this year totaling $215.7 million, with $162.6 million moved to unlabeled wallets. Bhutan now holds 3,954 BTC, worth about $280.6 million, a significant decrease from its peak holdings of roughly 13,000 BTC in October 2024. Druk Holding and Investments Ltd., the nation's sovereign wealth fund, manages these assets. The exact purpose of the recent transfers is unclear, but they are often linked to asset sales. Bhutan historically accumulated its Bitcoin through hydropower-backed mining, but speculation suggests mining may have ceased as inflows exceeding $100,000 have not been recorded for over a year.
(Source：The Block)