Bhutan Transfers $11.8M in Bitcoin Amid Crypto Market Gains

Bhutan Moves 175 Bitcoin, Worth $11.85 Million

Bhutan, one of the world’s largest nation-state Bitcoin holders, recently moved 175 Bitcoin from its primary government wallet as cryptocurrency markets showed modest gains. According to blockchain analytics platform Arkham, the BTC were sent to a newly created address last month, which had previously received 184 Bitcoin from Bhutan’s national holdings.

As of Tuesday, the 175 BTC remain in the new address, while the previous transfer of 184 Bitcoin was forwarded to a third address. That address has accumulated a total of 1,910 BTC since 2024 and currently holds 126 Bitcoin.

In February 2025, Bhutan executed a similar transaction, selling $7 million worth of Bitcoin in partnership with QCP Capital. Arkham notes that Bhutan frequently sells Bitcoin in increments of $5–10 million, with a particularly active selling period around mid-to-late September 2025.

Currently, Bhutan’s holdings are estimated at approximately 5,400 BTC, making the country the seventh-largest Bitcoin holder globally. For comparison, the United States leads among nation-states with 328,372 Bitcoin, valued at nearly $22 billion as of Tuesday.

Bhutan’s Bitcoin Mining Operations

Bhutan began state-backed Bitcoin mining in 2019, primarily powered by its abundant hydroelectric energy. Over the years, the country has accumulated roughly 13,000 BTC. However, following the April 2024 Bitcoin halving, mining rewards were reduced to 3.125 BTC per block, making the process less profitable.

Bhutanese Prime Minister Tshering Tobgay explained to Al Jazeera that during the summer, Bhutan’s hydropower plants produce surplus electricity due to increased water flow, making it cost-effective to mine Bitcoin. The proceeds from Bitcoin mining have been allocated toward public services, including healthcare, environmental initiatives, and salaries for civil servants.

Other Crypto Holdings

In addition to Bitcoin, Bhutan holds various other cryptocurrencies managed by Druk Holding and Investments, the country’s sovereign wealth fund. Current holdings include:

• 28 Ether (ETH), valued at approximately $2,046 each

• 28 KiboShib, an AI-generated memecoin

Bhutan’s Evolving Crypto Strategy

Since the 2024 halving, many Bitcoin miners worldwide have shifted toward artificial intelligence and high-performance computing applications, as mining rewards decreased and operational costs rose. Bhutan’s strategy reflects a balanced approach: leveraging surplus energy for mining while selling portions of its holdings to fund essential public projects.

Conclusion

Bhutan continues to demonstrate how nation-states can strategically integrate cryptocurrencies into their economic and public service frameworks. By using Bitcoin mining proceeds to fund healthcare and environmental programs, the kingdom sets a unique example of combining energy resources with digital asset management.

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