Bhutan moves out another 90 BTC, transfers hit $237M this year

In a fresh move, Bhutan reportedly transferred another 90 Bitcoins (approx worth $7 million) to a Segwit address. The steady series of transfers has now crossed more than $237 million since the start of the year.

On-chain data shows that Bhutan moved BTC to an address that is different from the three P2SH wallet clusters. The country has used those wallets to hold most of its Bitcoin reserves. This has added to the speculation that the Himalayan kingdom may be quietly reducing its Bitcoin exposure.

Bhutan’s Bitcoin selloff fears keep growing

Bhutan has been caught shifting smaller amounts of BTC to a wallet that is not part of its primary sovereign holdings. Arkham data shows that Druk Holdings’ stash has fallen by around 10,000 Bitcoins from their October 2024 peak of around 13,390 BTC. It now holds approximately $233 million worth of Bitcoin.

The latest transaction doesn’t come as a shocker, as the authority has been doing this throughout the year. Back on April 29, Bhutan transferred 100 BTC (worth nearly $8 million) out of its holding wallets. At that point, data suggested that the country had already moved around $206.98 million in Bitcoin since January.

IS BHUTAN SELLING BITCOIN?

Bhutan just moved 90 BTC ($7M) to a Segwit address which may indicate a transfer of BTC to a separate entity or sale.

They’ve moved $237.39M of BTC from their wallets to Segwit addresses since the start of this year, and currently hold $233.18M BTC. pic.twitter.com/cch0Dc2mqu

— Arkham (@arkham) May 25, 2026

Some analysts now believe Bhutan could fully unwind its sovereign Bitcoin position before the end of the year if the pace continues. However, it has remained one of the most unusual sovereign crypto experiments globally.

April 11 saw 319.7 BTC (worth $22 million) leave the wallet. Around 250 BTC from that transaction reportedly moved into wallets previously associated with routing funds toward Galaxy Digital and OKX.

So, the sell-off fear seems very real. Cryptopolitan reported that Bhutan had sold around 285 BTC in different batches during February.

Why Bhutan may be moving away from Bitcoin mining

Countries usually accumulate Bitcoin through seizures or treasury purchases. Meanwhile, Bhutan built its reserves through hydropower-backed mining operations. This is reportedly managed by Druk Holding and Investments. However, questions are now emerging around whether the mining operation itself is still active.

It is being argued that the model pushed by Bhutan was working well when Bitcoin was trading above $90,000, and mining difficulty remained lower. After the 2024 halving, block rewards dropped to 3.125 BTC, and mining competition got wild.

Bitcoin has been dealing with high selling pressure since the beginning of the year. BTC price is running down by almost 12% on a YTD basis. It is trading at $77,271 at press time. The recent price dip has already made it difficult for most of the Bitcoin holders to survive in the market.

It is expected that Bhutan may earn more revenue exporting hydropower electricity to neighboring countries. Mining Bitcoin under the current scenario will only lead them to a loss. However, Druk Holding and Investments has not publicly commented on either the transfers or the status of its mining infrastructure.

The global crypto market has shown small signs of stabilization amid the ongoing US-Iran dispute. Most of the biggest cryptos remained marginally up over the last day. Bitcoin managed to regain the crucial $77K mark after last week’s dip to the $75K levels.