The Bhutanese government's current Bitcoin position has dropped by 70% from its peak

According to monitoring by OnchainLens, the Royal Government of Bhutan transferred approximately 319.7 BTC (approximately US$22.68 million) to two addresses. About 250 BTC were transferred to a wallet previously used to sell funds through Galaxy Digital and OKX, and another 69.7 BTC were sent to a new unmarked address. According to Arkham, the Bhutanese government has transferred $215.7 million worth of bitcoins from its holding addresses so far this year, of which $162.6 million was transferred to unmarked wallets. After this transfer, Bhutan currently holds 3954 BTC pieces worth approximately US$280.6 million. The country held approximately 13,000 BTC at its peak in October 2024, and its Bitcoin assets were managed by the national sovereign wealth fund Druk Holding and Investments Ltd. Bhutan has previously accumulated Bitcoin positions through mining operations backed by hydropower, but according to Arkham data, its last recorded Bitcoin inflow of more than $100,000 was a year ago.