In a recent event, Bhutan transferred 90 Bitcoin, worth $7 million, to a SegWit address. The transfer shows that coins are either being prepared for sale or merely being reshuffled into internal custody.
That said, Bhutan has transferred $237.39 million worth of Bitcoin from its wallets to Segwit addresses since the beginning of the year. As a result, Bhutan now has a total of $234.03 million in Bitcoin holdings.
Bitcoin’s Bitcoin Game Plan
For those who don’t know, Bhutan used cheap, abundant hydropower to mine Bitcoin, creating one of the world’s largest state reserves.
At peak prices, their estimated 13,000 Bitcoin [BTC] By the end of 2024, the assets were worth almost $2 billion.
With transfers accelerating in a manner reminiscent of a planned liquidation operation, assets have fallen approximately 66% from their late 2024 peak of approximately 13,000 BTC to approximately 4,973 BTC.
All this is also possible thanks to Bhutan’s investment arm, Druk Holding & Investments (DHI), which is responsible for managing the country’s sovereign Bitcoin holdings.
DHI has moved from an accumulation phase to transforming digital wealth into fiat capital for domestic use.
Does this indicate a sale of BTC or a rebalancing?
If things continue at this rate, Bhutan’s remaining Bitcoin reserves could run out by October 2026. However, if prices rise, sales fall or Bhutan decides to maintain a smaller strategic reserve, that estimate could change.
Combined, this indicates that this is part of a systematic, months-long decline and not an isolated or concerning incident.
Therefore, it can be said that Bhutan is carefully cashing in its mining profits in small quantities to finance national needs and thus avoid market disruption.
Bhutan’s ranking and more
That said, the United States, China and the United Kingdom are the top three countries that own bitcoin, with Bhutan coming in at number seven.
This coincided with the government dumping $40 million worth of Bitcoin in the first few days of April alone.
Closer examination of portfolio balances revealed that the government has increased the sell-off in 2026. As previously reported by AMBCrypto, the tracked wallets contained 6,000 BTC at the end of 2025.
This happened as the price of Bitcoin had fallen from $81,000 in mid-May to $77,367.78 at the time of publication.
Final summary
- Bhutan moved $237.39 million worth of Bitcoin from their wallets to Segwit addresses in just five months in 2026.
- The transfer suggests that this is not a one-time event, but rather a methodical, months-long relapse.