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According to data shared by the cryptocurrency data platform Arkham Intelligence, the Bhutanese government continues to move some of its Bitcoin assets. Recent data reveals that Bhutan transferred approximately $11 million worth of Bitcoin from its main wallet addresses. This movement is believed to be part of the country’s occasional sales transactions.
Bhutan has previously conducted a similar transaction. About a month ago, the country reportedly sold Bitcoin worth approximately $7 million in partnership with QCP Capital. On-chain data indicates that the Bhutanese government prefers to sell small portions of its Bitcoin reserves in increments, typically ranging from $5 million to $10 million. It’s particularly noteworthy that sales activity intensifies between mid- and late September 2025.
According to Arkham data, significant amounts of cryptocurrency are still held in addresses controlled by Druk Holdings & Investments, Bhutan’s state investment arm. The institution controls approximately 222 different wallet addresses containing over $374 million worth of crypto assets.
The majority of these assets consist of Bitcoin. According to the data, the Bhutanese government holds approximately 5,425 BTC, with a total value of around $374 million. In addition, Bhutanese wallets also hold a small amount of Ethereum, approximately 28 ETH, which is estimated to be worth around $57,000.
*This is not investment advice.