- Bhutan moved another 90 BTC, raising fresh speculation about possible Bitcoin sales by the government.
- Arkham says Bhutan has transferred over $237M in BTC this year, shrinking its overall holdings.
- Analysts estimate Bhutan may have sold over 9,000 BTC in the past 11 months.
The Kingdom of Bhutan has once again sparked speculation about potential Bitcoin sales after moving 90 BTC, worth roughly $7 million, to a SegWit address.
Intelligence platform Arkham noted that the transfer was made to a bc1q- SegWit address rather than the P2SH wallet cluster Bhutan typically uses to store its Bitcoin reserves. It said such transfers often indicate funds are being moved to a separate entity, which could signal preparations for a sale.
Bhutan’s Bitcoin Holdings Continue to Shrink
According to Arkham, Bhutan has transferred approximately $237.39 million worth of BTC from its wallets to SegWit addresses since the beginning of the year. The country currently holds around $233.18 million in Bitcoin or 3,021 BTC.
The latest transfer adds to a trend in which Bhutan’s BTC holdings have fallen significantly from their October 2024 peak of nearly 13,390 BTC. Arkham data suggests the country is now down roughly 10,000 BTC from that high point.
The Himalayan kingdom became widely known in crypto circles after reports revealed it had quietly accumulated large Bitcoin reserves through state-backed mining operations powered by hydroelectric energy.
Market Watcher Says Bhutan Sold 9,180 BTC
Separately, market analyst EmberCN claimed Bhutan has gradually sold 9,180 BTC over the past 11 months. This represents roughly $900 million in Bitcoin sales at an average price of $98,067 per BTC.
According to the analyst, Bhutan’s holdings were about 12,200 BTC in early 2025 when the country’s Bitcoin mining operations stopped expanding. Since June 2025, the government has been steadily reducing its holdings through periodic sales.
Why Bhutan May Be Selling Bitcoin
Bhutan has not publicly confirmed any Bitcoin sales. But analysts believe the transfers could be tied to portfolio management, profit-taking, or government funding needs after Bitcoin’s strong rally over the past year.
The country has previously been viewed as one of the few sovereign states actively mining and holding Bitcoin as part of a long-term strategic reserve.
However, the repeated movement of funds to separate addresses has increasingly fueled speculation that Bhutan may be gradually cashing out portions of its holdings.
Related: Bhutan Moves Another 100.44 BTC as 2026 Outflows Hit $230M
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