{ "id": 63117, "date": "2026-03-11T09:57:56", "date_gmt": "2026-03-11T02:57:56", "guid": { "rendered": "https:\/\/hbbgroup.net\/bitcoin-worth-nearly-12-million-moved-by-bhutan-in-fresh-on-chain-activity\/" }, "modified": "2026-03-11T09:57:56", "modified_gmt": "2026-03-11T02:57:56", "slug": "bitcoin-worth-nearly-12-million-moved-by-bhutan-in-fresh-on-chain-activity", "status": "publish", "type": "post", "link": "https:\/\/hbbgroup.net\/en_us\/bitcoin-worth-nearly-12-million-moved-by-bhutan-in-fresh-on-chain-activity\/", "title": { "rendered": "Bitcoin Worth Nearly $12 Million Moved By Bhutan In Fresh On-Chain Activity" }, "content": { "rendered": "
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Proceeds from Bitcoin sales have paid for healthcare, environmental programs, and government worker salaries in Bhutan \u2014 a detail that puts the kingdom\u2019s latest crypto move in sharper focus.<\/p>\n

A Small Nation With A Big Bitcoin Strategy<\/h2>\n

On Monday, blockchain analytics firm Arkham flagged a transfer of 175 Bitcoin<\/a>, worth roughly $11.85 million, out of Bhutan\u2019s main government wallet.<\/p>\n

The funds moved to an address created about a month ago, one that had already received 184 Bitcoin from state accounts. As of Tuesday, the coins had not moved again. No sale has been confirmed.<\/p>\n

But the transfer<\/a> fits a pattern Arkham has tracked for months. Data shows Bhutan tends to offload Bitcoin in batches of $5 million to $10 million at a time. The heaviest selling on record came in mid-to-late September 2025.<\/p>\n

Back in February, a similar transfer preceded a $7 million sale to Singapore-based crypto trading firm QCP Capital.<\/p>\n

\n

Bhutan just moved another $11 Million of Bitcoin out of its main holding addresses.<\/p>\n

The last time they did this was 1 month ago, and they were selling $7 Million of BTC with QCP Capital.<\/p>\n

Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly\u2026 pic.twitter.com\/tBuz280bBe<\/a><\/p>\n

\u2014 Arkham (@arkham) March 9, 2026<\/a><\/p>\n<\/blockquote>\n

<\/p>\n

How Bhutan Built Its Stash<\/h2>\n

The kingdom did not buy its Bitcoin on an exchange. It mined it. State-backed operations began in 2019, powered almost entirely by hydroelectric energy.<\/p>\n

During summer months, Bhutan\u2019s rivers run fast and full, pushing its hydropower plants into surplus. Rather than waste that extra electricity, officials directed it toward Bitcoin mining<\/a>.<\/p>\n

That strategy produced roughly 13,000 Bitcoin<\/a> over several years, making Bhutan one of the larger sovereign holders in the world.<\/p>\n

Arkham currently puts the country\u2019s holdings at around 5,400 Bitcoin \u2014 a figure that reflects years of periodic selling. Among nations, Bhutan ranks seventh. The US holds the top spot by a wide margin, with 328,372 Bitcoin worth close to $22 billion.<\/p>\n

BTCUSD now trading at $70,565. Chart: TradingView<\/a><\/figcaption><\/figure>\n

The April 2024 halving hit the operation\u2019s profitability hard. Mining rewards dropped to 3.125 Bitcoin per block, pushing up the effective cost of each coin produced.<\/p>\n

Since then, Bhutan has sold more frequently, and some Bitcoin miners globally have shifted their computing power toward artificial intelligence and data center work instead.<\/p>\n

Druk Holding Manages The Portfolio<\/h3>\n

All of Bhutan\u2019s digital assets \u2014 Bitcoin included \u2014 are managed by Druk Holding<\/a> and Investments, the country\u2019s sovereign wealth fund. The portfolio also holds smaller amounts of Ether and a memecoin called KiboShib, which was reportedly generated by artificial intelligence.<\/p>\n

What makes Bhutan\u2019s position unusual is how grounded its crypto activity is in basic public finance. The kingdom is not sitting on Bitcoin as a long-term ideological bet. It is mining when the energy is cheap, selling when prices allow, and using the money to keep the lights on.<\/p>\n

Featured image from Unsplash, chart from TradingView<\/em><\/p>\n<\/p><\/div>", "protected": false }, "excerpt": { "rendered": "

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