Bhutan Is Moving Bitcoin Again

The Royal Government of Bhutan has transferred 533 $BTC, worth approximately $34.5 million, to @Binance, according to onchain data cited by Onchain Lens. The transaction originates from the kingdom's sovereign digital asset treasury and forms part of a prolonged drawdown that has been running throughout 2026.

A Sovereign Treasury Built on Hydropower

Bhutan's Bitcoin position was not assembled through market purchases. The kingdom began state-backed Bitcoin mining in 2019, using surplus hydroelectric power from its glacier-fed rivers, with operations managed by Druk Holding and Investments, the country's sovereign investment arm. That low-cost model gave the government a near-zero cost basis on every coin it mined. Because Bhutan mined its coins using surplus hydropower, the cost basis is effectively zero. Unlike corporate treasuries that bought at market prices, there is no break-even math pressuring these sales. Every transfer is profit.

Bhutan held approximately 13,000 BTC in October 2024, accumulated through that hydropower-backed mining operation run by Druk Holding and Investments, the kingdom's sovereign wealth fund. The reserve at its peak made Bhutan one of the largest government holders of Bitcoin anywhere in the world.

A Steady and Accelerating Drawdown

The 533 BTC transfer to @Binance on June 17 is the latest in a series of outflows that have materially reduced the kingdom's holdings. Bhutan has quietly sold about 70 percent of the roughly 13,000 Bitcoin it held in October 2024, reducing its stash to 3,954 BTC worth about $280.6 million as of April 2026. Outflows from Bhutan-labeled addresses exceeded $230 million since the start of 2026, running at around $50 million worth of Bitcoin per month, according to Arkham Intelligence.

Repeated transfers to Singapore-based QCP Capital suggest a structured over-the-counter selling arrangement, and the drawdown has left Bhutan with fewer than half the coins needed to meet its earlier pledge of up to 10,000 BTC for the Gelephu Mindfulness City project. In December 2025, Bhutan unveiled a national Bitcoin Development Pledge committing up to 10,000 BTC to fund Gelephu Mindfulness City, a special economic zone designed to use digital assets for its financial reserves.

The kingdom also appears to have slowed or halted its hydropower-backed Bitcoin mining, with no major new inflows recorded in more than a year and no public comment from Druk Holding and Investments. For onchain analysts, each fresh transfer from Bhutan's sovereign wallets now raises questions about how much of the reserve will remain by year end.

Sources:
CoinDesk: Bhutan has sold 70% of its Bitcoin in 18 months
CoinDesk: Bhutan moves another 500 Bitcoin to exchanges as 2026 outflows top $150 million
The Block: Bhutan government moves another 100 BTC as 2026 outflows top $230 million