Bhutan’s government has transferred another 100.44 Bitcoin worth about $8.2 million, extending a steady pattern of crypto movements that analysts believe may be tied to treasury management or potential sales.
Blockchain analytics platform Arkham Intelligence reported Tuesday that the transfer was completed through three separate transactions at around 5:27 a.m. UTC. The funds were moved to an unidentified wallet beginning with “bc1qn,” a newer Bitcoin address format commonly linked to SegWit wallets.
Bhutan is selling Bitcoin.
Bhutan just moved 100 BTC ($8.1M) out of its holding wallets.
At their current rate of selling, they will run out of BTC before the end of September. pic.twitter.com/z8P7yf0kzS
— Arkham (@arkham) May 12, 2026
Arkham said the latest movement follows months of similar outflows from wallets associated with Bhutan’s sovereign holdings.
Bhutan’s Bitcoin reserves continue to decline
According to Arkham data, Bhutan-linked wallets have recorded more than $230 million in Bitcoin outflows since the start of 2026. Analysts estimate the country has been moving nearly $50 million in BTC per month on average.
Despite the recent transfers, Bhutan still holds roughly 3,119 BTC valued at around $252.3 million at current market prices. The country’s reserves, however, have fallen sharply from more than 13,000 BTC recorded in October 2024.
Arkham added that Bhutan would still sit on approximately $767 million in unrealized profit if the remaining holdings were sold at current market levels.
Bhutan may be using Bitcoin to fund national projects
Analysts say Bhutan’s continued reduction of its Bitcoin holdings highlights a different approach from countries treating BTC strictly as a long-term reserve asset.
Instead of holding Bitcoin as “digital gold,” Bhutan appears to be using part of its crypto treasury as a liquidity source to support national development projects and public spending.
Market observers believe some proceeds could be directed toward large-scale initiatives such as the Gelephu Mindfulness City project and other infrastructure investments, allowing the country to raise capital without relying heavily on foreign debt markets.
Meanwhile, Gelephu Mindfulness City, Bhutan’s Special Administration Region for economic development, has just introduced a fast-track licensing system aimed at attracting globally regulated firms, including digital asset companies. The new framework is designed to speed up approvals by combining regulatory review and banking access into a single streamlined process, allowing qualified businesses to move more quickly from application to full operations.
Analysts track links to exchanges and OTC firms
Although the latest destination wallet has not been publicly identified, Arkham noted that earlier Bhutan-linked transfers eventually reached major crypto firms including Binance and Galaxy Digital.
Several large transactions earlier this year also drew attention from blockchain tracking firms. In March, wallets connected to Bhutan’s sovereign investment arm, Druk Holding & Investments, moved around 700 BTC worth nearly $50 million at the time.
One transfer involving 325 BTC was reportedly linked to Galaxy Digital, while another 375 BTC transaction was sent to an unknown address believed to belong to an over-the-counter trading desk or custodial service. Separate reports also identified transactions tied to Singapore-based OTC firm QCP Capital.
Arkham said the newest movement may not necessarily indicate an immediate sale because the Bitcoin was transferred from an older address structure into a newer SegWit-format wallet.
Bitcoin addresses beginning with “3” are linked to older Pay-to-Script-Hash formats, while modern native SegWit wallets use the “bc1q” structure. Taproot addresses, currently the latest Bitcoin standard, typically begin with “bc1p.”
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