The Kingdom of Bhutan moves $60M in BTC to an exchange

The Royal Government of Bhutan has sent $60M in BTC to an exchange hot wallet. The probable sale arrives about a day after the country’s wallets started moving a portion of their reserves. 

The Royal Government of Bhutan most probably set aside $60M in BTC for sale, sending them to an exchange hot wallet. Initially, the coins were moved to a new intermediary address in two transactions. The intermediary wallet also sent out a test transaction to Binance, setting expectations for another round of selling.

Later, Arkham Intelligence announced the coins were sent to a Cobo hot wallet. Cobo is an intermediary for holding coins as a trusted custodian, essentially breaking the chain of traceability for Bhutan’s BTC. 

Arkham Intelligence confirmed the transaction, the first significant outflow since July.

CONFIRMED: Bhutan has moved $60M BTC to Cobo.

The Bitcoin was moved to Cobo Hot Wallet at an average price of $116,557. Bhutan last sold Bitcoin from 10th-14th July, when they moved $59.42M BTC to Binance.

Bhutan is still holding $1.26 BILLION BTC and has not moved anything… https://t.co/yNSIdA6Ypk pic.twitter.com/pfmK6TdAfI

— Arkham (@arkham) August 7, 2025

Previously, the Royal Government of Bhutan sent out funds directly to Binance. The country still sits on around $1.26B in BTC, spread across several known wallets. The government sold just as BTC was recovering above $116,000 once again, extending its short-term gains.

Bhutan’s move is seen as a gauge of highly visible whales and their readiness to hold. The sales came at a time when corporate treasuries were buying up BTC, while some short-term traders still realized gains at the top of the market. 

Is Bhutan still mining BTC?

The balance of all of Bhutan’s wallets has declined slightly from its peak. However, the top wallets no longer show the regular daily inflows of BTC. Mining remains highly competitive even for powerful data centers. For hydroelectric miners, the dry season may also be an issue, as reliable energy is not available. At this point, the hashrate of Bhutan has not been announced. 

The last reward received from the Foundry pool dates back from nine months ago. Bhutan now holds 10,769 BTC, just behind North Korea with 13,562 BTC based on blockchain tracking. At the peak, Bhutan held around 13,350 BTC, selling some at prices starting above $90,000. 

The lack of new inflows or a rising balance of the country’s treasury suggests mining may be off the table for a few months. Bhutan started mining back in 2019, but only confirmed its reserves after a few years. The BTC treasury at its highest point made up 40% of the country’s GDP.

Even with no mining, Bhutan has made most of the treasury’s value by waiting for years, selling only a few hundred BTC at local market peaks. 

Royal Government of Bhutan may attempt to rebuy BTC

The balances of Bhutan do not remain passive. At one point in May, balances decreased to under 8,000 BTC. 

Later, more coins were added, with signs of re-buying attempted at a lower price. The country’s reserves are big enough to produce short-term gains if some of the coins enter active trading. 

In the past month, the country moved a total of 650 BTC, with over $74M in proceeds from Binance. Other transfers suggest the country may have re-bought some of the coins during the dip.