Recent insights from Arkham Intelligence, a platform specializing in cryptocurrency analytics, indicate that the government of Bhutan is actively managing its Bitcoin holdings. New reports suggest that Bhutan has moved roughly $11 million worth of Bitcoin from its primary wallet addresses. This transfer appears to be part of the nation’s sporadic selling activities.
Bhutan has engaged in similar transactions in the past. Approximately a month ago, it was reported that the country sold around $7 million worth of Bitcoin through a collaboration with QCP Capital. On-chain analytics show that Bhutan tends to sell smaller portions of its Bitcoin reserves at a time, usually between $5 million and $10 million per transaction. Notably, these sales seem to peak during late September each year.
As per Arkham’s findings, there are still substantial amounts of cryptocurrency retained within wallets managed by Druk Holdings & Investments, which serves as Bhutan’s state investment entity. This organization oversees about 222 distinct wallet addresses containing more than $374 million in crypto assets.
The bulk of these holdings comprises Bitcoin. Current estimates reveal that the government possesses approximately 5,425 BTC valued at around $374 million overall. Additionally, Bhutanese wallets include a minor quantity of Ethereum—around 28 ETH—which is estimated to be worth close to $57,000.
*This should not be considered as financial advice.