Bhutan has quietly shifted millions of dollars in Bitcoin this week, sparking fresh speculation about the country’s long-term crypto strategy and whether its once-active mining operations have slowed down.
Fresh transfers total $72 million in 24 hours
The Royal Government of Bhutan transferred 973 BTC worth about $72.3 million across multiple wallet addresses between Tuesday and Wednesday, according to blockchain data tracked by Arkham Intelligence.
HAS BHUTAN STOPPED MINING BITCOIN?
Bhutan just moved another $44.44M BTC out of its accounts. Bhutan has moved $72.3M BTC out of its addresses in the past 24 hours.
Bhutan’s last >$100K BTC inflow was over 1 year ago. Has Bhutan stopped mining Bitcoin? https://t.co/IhcGDMRH0t pic.twitter.com/qvQuKXXoaU
— Arkham (@arkham) March 18, 2026
Of that amount, roughly $44.44 million in bitcoin was sent to two unidentified wallets, while a smaller portion, 20.5 BTC valued at approximately $1.52 million, was routed to QCP Capital, an over-the-counter trading platform. The transactions were traced back to wallets associated with Druk Holding & Investments, the state-owned entity responsible for managing Bhutan’s digital asset portfolio.
These latest movements push Bhutan’s total bitcoin transfers for 2026 past the $110 million mark, with a previous transfer of 184 Bitcoin in February, signalling a notable shift in activity from a country that has largely kept its crypto strategy under wraps.
Other nations are also formalizing crypto as a strategic asset. Kazakhstan is pivoting toward a crypto sovereign wealth strategy, with its wealth fund preparing to include cryptocurrencies in its national reserves, following the strategies of other resource-rich nations like Norway and the U.S. This initiative involves developing the infrastructure to manage both confiscated and contributed crypto holdings.
Declining holdings and mining uncertainty
Despite the recent transfers, Bhutan still holds a sizable bitcoin reserve. Arkham data shows that Druk Holding currently controls around 4,453 BTC, valued at roughly $330 million. However, that figure marks a steep decline from its peak of over 13,000 BTC in October 2024, raising questions about whether the government has been gradually offloading its holdings.
Bhutan’s bitcoin accumulation has historically been driven by mining operations powered by the country’s abundant hydroelectric resources, an approach that positioned it as one of the more unique sovereign players in crypto.
Yet, on-chain data suggests a potential slowdown. According to Arkham, Bhutan has not recorded a bitcoin inflow exceeding $100,000 in over a year, hinting that mining activity may have stalled or even stopped entirely. Market conditions remain relatively stable, with Bitcoin trading around $74,268 at the time of writing, showing only modest daily movement.
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