In a recent event, Bhutan transferred 90 Bitcoin, worth $7 million, to a SegWit address. It appears from the transfer that coins are either being prepared for sale or merely being rearranged in internal custody.
That said, since the beginning of the year, Bhutan has transferred $237.39 million in Bitcoin from its wallets to Segwit addresses. As a result, Bhutan now has $234.03 million in total Bitcoin holdings.
Bitcoin’s Bitcoin game plan
For those unaware, Bhutan used cheap, plentiful hydroelectric power to mine Bitcoin, creating one of the world’s largest state-owned reserves.
At peak prices, their estimated 13,000 Bitcoin [BTC] holdings by the end of 2024 were worth close to $2 billion.
With transfers accelerating in a way that suggests a planned liquidation operation, holdings have dropped about 66% from that late-2024 peak of about 13,000 BTC to about 4,973 BTC.
All this is also possible because of Bhutan’s investment arm, Druk Holding & Investments (DHI), which is responsible for managing the country’s sovereign Bitcoin holdings.
DHI has been moving from an accumulation phase to transforming digital wealth into fiat capital for domestic uses.
Does this signal a sale of BTC or a reshuffling?
If things continue as they are, Bhutan’s remaining Bitcoin reserves may run out by October 2026. However, if prices increase, sales decline, or Bhutan decides to keep a smaller strategic reserve, that estimate may change.
When combined, this indicates that this is a part of a systematic, months-long drawdown rather than an isolated or concerning incident.
Hence, it can be said that Bhutan is carefully, in small batches, cashing out its mining profits to finance national needs to prevent market disruption.
Bhutan’s ranking and more
That being said, the United States, China, and the United Kingdom are the top three countries that hold bitcoin, with Bhutan coming in at number seven.
This coincided with the government dumping $40 million in Bitcoin in the first few days of April alone.
Examining its wallet balances more closely revealed that the government has increased sell-offs in 2026. As earlier reported by AMBCrypto, the tracked wallets contained 6,000 BTC at the end of 2025.
This occurred when the price of Bitcoin had dropped from $81,000 in mid-May to $77,367.78 at the time of publishing.
Final Summary
- Bhutan moved $237.39 million in Bitcoin from their wallets to Segwit addresses in just 5 months in 2026.
- The transfer suggests that rather than being a singular occurrence, this seems to be a methodical, months-long drawdown.