Bitaigen Research 
Since launching a state‑backed mining operation in 2019, Bhutan has accumulated roughly 13,000 BTC, primarily powered by hydroelectricity.
Bhutan is one of the world’s largest sovereign holders of Bitcoin. On Monday, the cryptocurrency market saw a modest uptick, and the country’s principal holding address transferred 175 BTC.
Data from blockchain analytics platform Arkham shows that the South Asian nation moved Bitcoin valued at approximately $11.85 million to an address that was created a month earlier; that address had previously received 184 BTC from the government.
As of Tuesday, the 175 BTC remain on that address. The earlier transfer of 184 BTC was sent to a third address, which has accumulated 1,910 BTC since 2024 and currently holds 126 BTC.
On Monday, Arkham noted in a post on X that the last time Bhutan moved a comparable volume of Bitcoin was in February, when the purpose was to sell about $7 million worth of BTC to QCP Capital. The kingdom has completed several sales this year.
Arkham added: “Bhutan regularly sells portions of its Bitcoin holdings in blocks ranging from $5 million to $10 million, with particularly frequent sales in the second half of September 2025.”
As of Monday, Arkham estimates Bhutan holds about 5,400 BTC, ranking seventh among countries by sovereign Bitcoin holdings. By comparison, as of Tuesday the United States maintains the largest government Bitcoin reserve with 328,372 BTC, valued at just under $22 billion.
Source: Arkham
Cointelegraph reached out to Druk Holding and Investments for comment but did not receive an immediate reply.
In this article we outline Bhutan’s recent adjustments to its national Bitcoin reserve, analyze the possible asset‑management strategy behind these moves, and assess the potential market impact. By combining blockchain data with official signals, we aim to help readers understand how this mountainous kingdom stays active in the digital‑asset space and seeks to maximize returns. Subsequent sections will reveal further details and emerging trends.
Bhutan Uses Bitcoin to Fund Public Services
According to Arkham, since the state‑backed mining operation began in 2019, Bhutan has accumulated roughly 13,000 BTC, largely powered by hydroelectric generation.
However, after the 2024 halving, rising costs led to a decline in mining efficiency.
Prime Minister Lotay Tshering told Al Jazeera last April that during the summer months the kingdom’s hydro plants generate excess power due to higher water flow. This surplus makes it feasible to channel the extra electricity into Bitcoin mining.
In an interview with Al Jazeera in March 2025, Tshering further explained that revenues from Bhutan’s Bitcoin activities have been used to finance healthcare, environmental projects, and civil‑service salaries.
Since the halving in April 2024, an increasing number of miners have redirected energy resources toward artificial‑intelligence and high‑performance‑computing services, reducing the block reward to 3,125 BTC and exerting downward pressure on overall profitability.
The above provides a detailed look at Bhutan’s transfer of roughly $11.8 million worth of Bitcoin (BTC) and its ongoing management of a sizable sovereign reserve. For more related coverage, follow Bitaigen (比特根) and its other articles.
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