The Royal Government of Bhutan transferred approximately 374.9 BTC ($25.2 million) to an unlabeled address on Tuesday, continuing an accelerating outflow streak.
Bhutan transferred the funds to an address starting "bc1q0" at 7:28 a.m. UTC, according to data provided by the onchain analytics platform Arkham, which began tracking the tiny Himalayan kingdom's holdings in 2024.
Analysts at Onchain Lens noted that the recipient address had previously transferred bitcoin received from Bhutan to investment manager Galaxy Digital, indicating that the government may be selling. However, the specific reason for the transfer remains unknown.
Outgoing bitcoin transfers from Bhtuan government-labeled addresses have now topped 1,000 BTC over the past week, Lookonchain analysts noted. The latest transaction adds to the 519.7 BTC sent on March 25 and 123.7 BTC on March 27, including one address linked to trading firm QCP Capital.
According to Arkham, Bhutan still holds some 3,954 BTC, which is currently valued at around $263.9 million — down from a peak of approximately 13,000 BTC in October 2024 and dropping by more than 2,000 BTC year-to-date.
The bitcoin is held in the custody of Bhutan's state investment wing, Druk Holding & Investments. Bhutan's balance makes it the seventh-largest known nation-state holder of bitcoin, behind the United States (328,372 BTC), China (190,000 BTC), the United Kingdom (61,245 BTC), Ukraine (46,351 BTC), El Salvador (7,607 BTC), and the United Arab Emirates (6,420 BTC), according to Bitcoin Treasuries data.
While many countries tend to acquire their bitcoin via criminal seizures, Bhutan has been mining it to build up its reserves, leveraging its abundant hydroelectric power to drive eco-friendly mining operations. However, speculation has grown over whether the government has stopped mining, as its last bitcoin inflow exceeding $100,000 occurred more than a year ago, per Arkham.
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