Bhutan has moved roughly $11 million in Bitcoin from wallets linked to its sovereign holdings, according to on-chain data flagged by Arkham Intelligence. The transfer came out of the country’s main holding addresses and fits a pattern of periodic wallet activity tied to Bhutan’s crypto treasury operations.
A similar move came about a month after a $7 million BTC sale
Arkham said in a post on X that the latest transfer follows another comparable transaction from about a month ago. In that earlier case, Bhutan sold approximately $7 million worth of Bitcoin through QCP Capital, a digital asset trading firm frequently used by institutional participants.
Arkham’s tracking suggests Bhutan usually does not exit large positions in a single transaction. Instead, it tends to sell Bitcoin in smaller clips of around $5 million to $10 million. The firm also pointed to a heavier stretch of selling activity between mid and late September 2025, indicating that the new movement is part of an established treasury management pattern rather than a one-off event.
Bhutan still holds around 5,600 BTC from hydro-powered mining
Even with these recurring sales, Bhutan remains one of the largest sovereign Bitcoin holders identified on-chain. Wallets tracked by Arkham show the country still holds about 5,600 BTC, a reserve worth hundreds of millions of dollars at current prices.
Most of Bhutan’s Bitcoin stockpile comes from state-backed mining operations powered by hydroelectric energy. That approach has helped the Himalayan kingdom build a sizable digital asset treasury over recent years. No additional official explanation accompanied the latest transfer, but the wallet movement is likely to keep market attention fixed on changes in Bhutan’s sovereign BTC holdings.