The Royal Government of Bhutan transferred approximately 375 Bitcoin (worth $25.2 million) on March 31, continuing a persistent sell-off trend seen throughout 2026. Arkham data shows the funds moved from state-linked wallets to a previously unlabeled address connected to flows toward Galaxy Digital. Onchain Lens analysts noted earlier transactions on the same pathway reached institutional trading desks, hinting at potential liquidation activity.
Latest Transfer: 375 BTC Headed to Exchange-Related Address
Arkham recorded 374.9 BTC sent to an address tied to Galaxy Digital. On March 27, Bhutan also moved 123.7 BTC ($8.5 million). Earlier in March, 973 BTC ($72 million) were shifted over two days, followed by 519.7 BTC ($36.75 million). Weekly outflows exceeded 1,000 BTC.
2026 Outflows Exceed $183 Million
Arkham reports total Bitcoin movements from Bhutan in 2026 have surpassed $183 million, with net outflows to unmarked wallets reaching approximately $144.91 million. Individual transfers typically range between $5 million and $10 million.
Reserves Plummet from 13,000 BTC Peak
As of March 31, Arkham-tracked Bhutanese Bitcoin reserves stood at roughly 3,954 BTC (valued at $263.9 million), a steep drop from about 13,000 BTC in October 2024. Another estimate places holdings at 10,769 BTC ($714 million) — the gap reflects differences in wallet tracking and valuation timing, but both datasets confirm a downward trajectory. The portfolio has lost 25% of its value over the past three months, leaving Bhutan with about 0.051% of total Bitcoin supply.
Mining Likely Halted, Proceeds Fuel Infrastructure
Bhutan built its Bitcoin stash through hydropower-backed mining launched in 2019 via Druk Holding and Investments, at one point contributing nearly 40% of GDP. However, Arkham suggests mining activity ceased around November 2024, with no major inflows since. The steady 2026 sales finance infrastructure projects and government spending, particularly for Gelephu Mindfulness City.