Bhutan Bitcoin Transfers Hit $32M - Sale or Just Reshuffling?
Bhutan is once again moving Bitcoin, and the numbers keep piling up. The Royal Government of Bhutan shifted 490.87 BTC, worth roughly $32.74 million, into fresh wallets over a single 24-hour window, according to blockchain analytics platform Onchain Lens. It’s the latest entry in a long string of Bhutan Bitcoin transfers that have defined the small Himalayan kingdom’s crypto strategy throughout 2026, raising fresh questions about whether the state is selling down its holdings or simply reshuffling them.
Key takeaways
- Bhutan moved 490.87 BTC (about $32.74 million) to new wallets in the past day, with a single 485 BTC transaction accounting for nearly all of it.
- State-linked Bhutanese wallets have sent Bitcoin to unidentified addresses, trading firms, and exchanges throughout 2026, including a separate 300 BTC transfer worth about $19.28 million on August 18.
- Bhutan’s tracked Bitcoin holdings peaked above 13,000 BTC in October 2024 and had fallen to roughly 4,453 BTC by March 25, 2026.
- The country built its Bitcoin position mainly through state-backed, hydropower-fueled mining, expanded via a Bitdeer Technologies partnership targeting 600 MW of capacity.
- Gelephu Mindfulness City has pledged up to 10,000 BTC for development and is building out crypto regulation, including a 3iQ treasury appointment and a Bitget licensing agreement.
Bhutan’s Large Bitcoin Transfers in 2026
The most recent transaction stands out mainly for its concentration. Of the 490.87 BTC that left Bhutan-linked wallets, a single transfer of 485 BTC, valued at approximately $32.31 million, accounted for nearly the entire amount, with smaller transactions making up the rest. Onchain Lens data confirmed the Bitcoin left addresses previously identified as belonging to the Royal Government of Bhutan, but the platform did not tag the receiving wallets as exchanges or trading firms.
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