Bhutan moved about $72.3 million in Bitcoin over the past 24 hours, extending a steady drawdown in its sovereign reserve. Data from Arkham Intelligence shows that Druk Holding and Investments, or DHI, the entity overseeing the country’s crypto mining and treasury operations, transferred more than 973 BTC across several transactions.
The transfers fit a pattern that has been visible for months. Arkham said Bhutan has been selling Bitcoin periodically in clips of $5 million to $10 million, though the latest activity appears larger than the transactions seen around September 2025.
Sovereign Bitcoin stack has fallen sharply from its peak
After the latest transfers, Bhutan still holds more than 4,400 BTC, worth over $322 million at current market prices. That is well below the country’s reported peak of 13,295 BTC in October 2024, after which its holdings were gradually reduced through a series of on-chain moves.
DHI’s previous major transfer was flagged on March 10, when it moved more than 175 BTC valued at roughly $11.8 million. The chain activity points to measured trimming rather than a single liquidation event.
Mining policy and development plans remain part of the picture
Bhutan has laid out a Bitcoin Development Pledge that ties mining operations and strategic reserves to its long-term economic plans. The country has also committed part of its Bitcoin holdings to the development of Gelephu Mindfulness City.
Arkham also noted that wallets linked to Bhutan have not recorded inflows above $100 million over the past year. That has led some market participants to speculate that the country may have reduced or even stopped mining. No confirmed halt in mining activity has been reported.
Earlier reports indicated that Bhutan has relied on renewable energy, especially hydropower, to support its Bitcoin mining operations. That detail has remained central to how the market views the origin of its sovereign BTC holdings.
Transfers land as Bitcoin falls below $71,000
The latest movements came as Bitcoin dropped more than 4.5% over the last 24 hours and fell below $71,000. The report linked the decline to market reaction after US inflation concerns came in hotter than expected.
Large sovereign-linked transfers draw extra attention in a weaker market. Bhutan’s holdings have already declined sharply from their high, and this fresh batch of on-chain moves puts the country’s reserve management back in focus.