Bhutan has shifted millions worth of Bitcoin from its sovereign wallets this week amid a broader crypto downturn that has seen its overall crypto asset holdings decline by more than 70% from its peak level of $1.14 billion.
On-Chain analytics platform Arkham reveals that Bhutan’s sovereign investment arm, Druk Holding Investments (DHI), has accomplished two Bitcoin sales. The recent transaction included 184.03 BTC, worth $14.09 million, yesterday, and 100.82 BTC, valued at $8.31 million, five days earlier, as it was sent later directly to the labeled addresses of market maker QCP Capital.
In a thread post, Arkham shared its analysis of Bhutan holdings. While it usually sells $50 million worth of Bitcoin, it also states that the high volume of sales occurred around mid-to late September 2025. With that, the current two outflows round $22.4 million are considerably less when compared to the previous.
Bhutan’s Bitcoin Mining Strategy Shifts After 2024 Halving
Bhutan began Bitcoin mining activities in 2019 through its governmental investment arm, DHI, utilising the country’s abundant hydroelectric power. According to Arkham post, Bhutan has made more than $765 million in Bitcoin revenues while spending approximately $120 million on electricity, providing it a significant cost advantage over miners.
As the 2024 Bitcoin halving is the significant one, from which the financial edge was limited, the cost of mining a single Bitcoin has doubled while electricity consumption stayed constant. Also, the Arkham analysis states that the majority of Bhutan’s Bitcoin was mined before April 2024, including more than 8,200 BTC in 2023, which has slowed to roughly 3,000 BTC in 2024.
Bhutan’s Bitcoin Holdings Shrink
As per the Arkham data, Bhutan’s balance history shows that the on-chain assets are about $405.61 million worth, which is around 71% less than its $1.4 billion peak in September 2025. As of now, Bhutan holds 5,700 Bitcoin and 18.18 Ethereum with small holdings of other tokens.
Given that the sell-offs were relatively minor, they happened twice in one week, so it is uncertain whether Bhutan will keep selling or is just portfolio management.
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