Bhutan Moves About $11.85 Million in Bitcoin From State Wallet

On-chain moves highlight Bhutan’s mining-based finance model, selling Bitcoin to fund healthcare, environmental programs, and government payrolls.

Rich by Coin

2026-03-11

Proceeds from Bitcoin sales have funded healthcare, environmental programs, and government payrolls in Bhutan. Arkham flagged a transfer of 175 Bitcoin, about $11.85 million, from Bhutan’s main government wallet to an address created about a month ago, which had already received 184 Bitcoin from state accounts. As of Tuesday, the coins had not moved and no sale has been confirmed. The transfer fits a pattern Arkham has tracked for months, with data showing Bhutan offloads Bitcoin in batches of around $5 million to $10 million, including the heaviest selling in mid-to-late September 2025 and a February transfer preceding a $7 million sale to QCP Capital.

Bhutan did not buy its Bitcoin on an exchange; it mined it beginning in 2019, powered almost entirely by hydroelectric energy. During the summer months, fast-flowing rivers push Bhutan’s hydropower plants into surplus, which officials directed toward Bitcoin mining. That strategy produced roughly 13,000 Bitcoin over several years, making Bhutan one of the larger sovereign holders in the world. Arkham currently places the country’s holdings at around 5,400 Bitcoin, ranking seventh among nations, with the United States holding the top position at about 328,372 Bitcoin worth close to $22 billion.

The April 2024 halving reduced mining rewards to 3.125 Bitcoin per block, raising the effective cost of production. Since then, Bhutan has sold more frequently, and some Bitcoin miners globally have shifted computing power toward artificial intelligence and data-center work. All of Bhutan’s digital assets — Bitcoin included — are managed by Druk Holding and Investments, the country’s sovereign wealth fund, which also holds Ether and a memecoin called KiboShib reportedly generated by AI. What makes Bhutan’s position unusual is that its crypto activity is grounded in basic public finance: it mines when energy is cheap, sells when prices allow, and uses the money to keep the lights on. The last similar move occurred about a month ago when $7 million of BTC was sold to QCP Capital.