Key Takeaways
What’s happening with Bhutan’s BTC stack?
Bhutan’s sovereign wealth arm, Druk Holdings, transferred $13 million in Bitcoin to a new wallet on 20 October.
Why is the move important?
The move follows BTC transfers in August and September, both of which were later linked to exchange addresses.
The Royal Government of Bhutan has once again stirred speculation in crypto markets after moving $13 million worth of Bitcoin.
The fifth-largest country BTC holder moved some of its BTC to a new wallet on 20 October, according to data from Arkham Intelligence.
Bhutan transfers $13 million Bitcoin
Arkham data shows Bhutan’s sovereign wealth arm, Druk Holdings, transferred 12.89 BTC ($1.43 million) in multiple transactions totaling around $13 million.
The new destination address uses a different wallet structure from previous ones. The move signals a possible reshuffle in its treasury operations.
Source: X
This move follows similar high-value transactions in recent months. In August, Bhutan moved $59 million worth of BTC, followed by another $109 million transfer in September.
Both movements were later traced to exchange-linked addresses, including Cobo and Binance, which often precede sell-offs.
Bhutan’s Bitcoin holdings currently stand at 6,262 BTC, valued at about $700 million, alongside smaller allocations in ETH, LNQ, and PHIL tokens, according to Arkham.
The country’s portfolio, managed by Druk Holdings and Investments (DHI), has grown by over 2.5% this week alone.
Where Bhutan stands among Bitcoin-holding nations
While Bhutan’s stack is relatively modest, it places it among the top sovereign holders of Bitcoin. It is currently ranked fifth-largest holder alongside much larger economies like the United States, China, and the United Kingdom.
Source: Bitbo
Recent data from Bitbo shows the U.S. and China lead the chart with over 200,000 BTC each, followed by the U.K. and Ukraine.
Bhutan’s position, ahead of El Salvador and Finland, underscores how even smaller economies are integrating Bitcoin into their national investment strategies.
CZ predicts: ‘Bitcoin Will Flip Gold’
Adding to the debate, Binance founder Changpeng “CZ” Zhao reignited the Bitcoin-gold rivalry with a bold claim on X [formerly Twitter]:
“Prediction: Bitcoin will flip gold. I don’t know exactly when. Might take some time, but it will happen. Save the tweet.”
At the time of his post, Bitcoin ranked eighth globally by asset value, boasting a $2.21 trillion market cap. It sits just behind Amazon and ahead of Meta Platforms.
In contrast, gold’s market cap remains unmatched at $29.67 trillion, highlighting how far Bitcoin still has to go to fulfill that prophecy.
Bitcoin and gold’s diverging paths
According to data from Newhedge, Bitcoin and gold have historically shared a fluctuating correlation.
Over the last year, that relationship has weakened. Gold’s price recently hit new highs above $4,200 per ounce, while Bitcoin retreated from its $125,000 peak to around $111,000.
Despite the divergence, both assets continue to attract investors seeking protection from inflation and global uncertainty. However, critics like gold advocate Peter Schiff argue the tide has turned.
Whether Bhutan’s latest transfer signals another sell-off or a simple restructuring, it fits into a larger pattern of institutional and sovereign activity shaping Bitcoin’s trajectory.
As national treasuries quietly accumulate and occasionally offload Bitcoin, it continues to challenge gold’s dominance, and the global narrative is shifting.