The Bhutanese government moved approximately $11.85 million in bitcoin, bringing the total transfers since the beginning of the year to $42.5 million.
The Royal Government of Bhutan transferred 175 BTC on Monday, March 9, worth approximately $11.85 million. The data was reported by Arkham Intelligence. This marks the first movement since the previous month’s operation, when $6.8 million in bitcoin was transferred.
Total transfers for 2026 have now reached $42.5 million. The Bhutanese government currently holds approximately 5,400 BTC, an estimated value of $374 million. The reserves are managed by Druk Holding & Investments, the country’s sovereign wealth fund.
According to Arkham Intelligence, “Bhutan periodically sells portions of its bitcoins in tranches of $5 million to $10 million.” However, recent movements are significantly smaller compared to those recorded in July 2025, when the country moved over $60 million in bitcoin over the course of four days.
At the time of those July transfers, Bhutan held over 11,000 BTC, valued at $1.4 billion, equivalent to more than 40% of the country’s gross domestic product. Since then, the price of bitcoin has fallen, dropping from approximately $119,000 to around $69,000 recorded on Monday.
Bhutan has built its bitcoin reserves primarily through mining activity, leveraging the country’s abundant hydroelectric energy to power low-emission mining operations.
In an interview with Al Jazeera in March 2025, Bhutan’s Prime Minister Tshering Tobgay stated that proceeds derived from Bitcoin have been used to fund healthcare, environmental initiatives, and public sector salaries.
