Bhutan’s Bitcoin reserves are down by more than 70%, with the sovereign wealth fund DHI frequently transferring assets, drawing attention

The Royal Government of Bhutan has once again transferred approximately $18 million worth of Bitcoin (BTC), and its asset holdings continue to decline. According to Arkham data monitoring, the assets managed by the sovereign wealth fund of Bhutan have shrunk by more than 70% from their 2024 peak. Bhutan’s current Bitcoin holdings are approximately 3,774 BTC, down sharply from the peak of nearly 13,000 BTC in 2024.

Bhutan’s government continues to reduce its Bitcoin holdings, with assets shrinking by more than 70%

Based on monitoring information from on-chain data analytics platform Arkham, the Royal Government of Bhutan recently transferred 250 Bitcoins to a newly established wallet address. Using market prices at the time, the value was about $18 million. As of the time of publication, the remaining Bitcoin holdings in the Bhutan government address are approximately 3,774 BTC, with a total estimated value of about $272.5 million. The Block previously reported that Bhutan’s Bitcoin holdings peaked at nearly 13,000 BTC in October 2024. This means its Bitcoin holdings have shrunk by more than 70%. Over the past more than a year, Bhutan has moved the vast majority of its crypto reserves, significantly reducing its asset size. This round of fund flow has continued the trend of frequent outflows from government-related wallets since earlier this year. To date, approximately $233.75 million worth of Bitcoin has been moved out of its known addresses.

Druk Holding oversees and manages Bhutan’s Bitcoin assets

Bhutan’s Bitcoin assets are overseen and managed by the sovereign investment entity Druk Holding and Investments (DHI). DHI has long been responsible for driving Bhutan’s digital transformation and carrying out Bhutan’s Bitcoin mining and accumulation strategy. Because Bhutan has abundant hydropower resources, the country uses large-scale mining operations powered by low-cost and clean electricity, making Bhutan one of the few cases worldwide where a state-level institution directly participates in crypto production. Although the purpose of this transfer of 250 Bitcoins has not yet been made transparent, based on past experience, when sovereign entities move assets to new wallet or exchange addresses, the market typically interprets it as a potential asset liquidation or a reallocation of the investment portfolio. DHI has not yet publicly explained the specific use of this funding.

Bhutan’s entry into the Bitcoin market can be traced back to around 2019, when the price of Bitcoin was only about $5,000. At the time, the country used its hydropower advantage for small-scale mining. Subsequently, in 2023, Bhutan began cooperating with multiple international mining companies to further expand its computing power infrastructure. The Bhutanese government has viewed Bitcoin as a national digital asset reserve to help address potential economic challenges and technological transitions. However, the global crypto market experienced significant volatility in 2025, and Bhutan’s holding strategy appears to have shifted toward conservatism. From the peak of 13,000 BTC held in 2024 to the current 3,774 BTC, it shows that the country has taken actions such as realizing profits or adjusting its balance sheet amid market changes.

During this asset transfer, Bitcoin’s market price remained above $72,000, with a gain of about 1.3% over the past 24 hours. Compared with the all-time high of $126,000 set in October 2025, the current price level is down about 43%. Although the market price has corrected from its peak, Bhutan’s previously accumulated costs were extremely low, so the current round of reductions can still bring significant cash flow gains to the treasury. Bhutan’s frequent asset flows may be related to the country’s infrastructure construction financing needs. As of now, Bhutan remains among the leading sovereign countries publicly holding Bitcoin worldwide, and its subsequent fund movements will continue to be an important indicator of how governments in the crypto market view digital assets.

This article, “Bhutan’s Bitcoin reserves cut by more than 70%; sovereign fund DHI’s frequent asset transfers draw attention,” first appeared on Chain News ABMedia.