The Royal Government of Bhutan transferred 533 BTC, worth $34.5 million, to Binance. According to data tracked by onchain analytics platform Arkham, the transaction was completed in multiple batches, showing that the country’s outflows over recent months are continuing without slowing down.
Transfer Completed in Multiple Batches
The transfers were made from a wallet labeled as belonging to Druk Holding & Investments (DHI), Bhutan’s state-owned investment arm, to a Binance deposit address. According to Arkham data, the largest single transaction involved 227.194 BTC, worth approximately $14.7 million, while another transfer contained 48.228 BTC valued at $3.1 million.
The remaining amount was divided into smaller transactions ranging from fractional Bitcoin amounts to 2 BTC, all sent to the same address. The fact that the transfers were completed in several consecutive batches rather than as a single transaction has strengthened speculation that the movement was part of a planned liquidation process.
Bhutan has been making similar transfers for months. Last month, Arkham reported that the government sent 100.44 BTC, worth $8.2 million, to an unlabeled address. At the time, the platform said total outflows from Bhutan-linked wallets had exceeded $230 million since the beginning of 2026.
This figure suggests that Bhutan has transferred significant amounts of Bitcoin to exchanges or unlabeled wallets nearly every month since the start of the year.
The government has not issued any statement regarding the latest transfer. In a post shared on X on Wednesday, Arkham announced the transaction and asked whether the Bhutanese government was selling Bitcoin. Bhutanese officials have also avoided directly answering similar questions in the past and have not provided clear information about the nature of these wallet movements.
Reserves Fall From a Peak of 13,000 BTC
Bhutan now holds 1,749.96 BTC, representing a decline of approximately 11,250 BTC from its peak of 13,000 BTC in October 2024. This means the country’s reserves have fallen by nearly 86% from their highest level.
The total value of the government’s wallets is estimated at $113.7 million, including 1.034 ETH worth approximately $1,820.
While most nation-states acquired their Bitcoin reserves through seizures, Bhutan followed a different path by operating hydroelectric-powered mining facilities. The small Himalayan kingdom directed its surplus electricity generation capacity toward Bitcoin mining, becoming one of the few countries to pursue such a strategy.
As a result, Bhutan ranks seventh among known nation-state Bitcoin holders. According to Bitcoin Treasuries data, the countries ahead of Bhutan include the United States, China with 190,000 BTC, the United Kingdom with 61,245 BTC, Ukraine with 46,351 BTC, El Salvador with 7,649 BTC and the United Arab Emirates with 6,420 BTC.
The continued decline in Bhutan’s Bitcoin reserves is also raising questions about the future of the country’s mining strategy. The absence of an official explanation for the ongoing reduction in reserves has allowed market speculation to continue.
Bitcoin was trading at $64,775 on Wednesday, down 1.2% over the previous 24 hours.
