Bhutan, one of the world’s largest nation-state holders of Bitcoin, just moved 175 Bitcoin from its primary address as cryptocurrency markets posted modest gains on Monday.
Data from blockchain analytics platform Arkham shows that the South Asian country moved $11.85 million worth of BTC to an address created a month ago that had previously received 184 Bitcoins from the government.
As of Tuesday, 175 Bitcoins are still at this address, According to to blockchain data. However, the previous transfer of 184 was sent to the third address he has received as of 2024, a total of 1,910 Bitcoins, and currently holds 126.
In Monday’s post X, Arkham he said the last time Bhutan moved a similar amount of Bitcoin – in February – it was to sell $7 million worth of Bitcoin through QCP Capital. The kingdom has made several sales this year.
“Bhutan periodically sells portions of its Bitcoin in bundles worth $5-10 million, with a particularly intense selling period occurring in mid-September 2025.” Arkham said.
Arkham estimates that as of Monday, Bhutan has approximately around 5,400 Bitcoins, making its holdings the seventh largest among countries. United States has the country’s largest stash of 328,372 Bitcoins, worth just under $22 billion as of Tuesday.
Bhutan also has various other cryptocurrencies in varying amounts, all managed by Druk Holding and Investments, the country’s sovereign wealth fund, including 28 Ether (ETH) and 28 KiboShib, an artificial intelligence-generated memecoin.
Cointelegraph reached out to Druk Holding and Investments for comment but did not receive an immediate response.
Bhutan uses Bitcoin to finance services
Since starting state-backed mining operations in 2019, Bhutan has accumulated approximately 13,000 Bitcoins, powered mainly by hydropower, According to to Arkham.
However, after the 2024 halving, mining has become less effective due to increased costs.
Related: The strategy buys $1.3 billion worth of Bitcoin, holding a total of 738,000 BTC
Prime Minister of Bhutan Tshering Tobgay he said Last April, Al Jazeera reported that during the summer months, the kingdom’s hydropower plants produce a surplus of energy as a result of increased water flows. This abundance of power makes it very practical to apply excess energy to mine Bitcoin.
In an interview with Al Jazeera in March 2025, Tobgay did as well excellent Bhutanese Bitcoin revenues have been used to fund healthcare, environmental initiatives, and public officials’ salaries.
Since the April 2024 halving, a growing number of Bitcoin miners have redirected their energy resources towards artificial intelligence and high-performance computing services, which has reduced mining rewards to 3,125 Bitcoin and negatively impacted overall profitability.
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