According to on-chain data tracked by Arkham Intelligence, the Bhutanese government transferred 175 Bitcoins worth approximately $11.85 million this Monday, March 9th.
The operation was carried out from an address associated with the kingdom’s state investment arm, Druk Holding & Investments, and was part of a series of previous moves. Significantly reduced the reserves of the world’s major digital assets..
This transfer was sent to the bc1q address that previously received 184 BTC in February of that year, possibly suggesting over-the-counter (OTC) trading or the use of a counterparty for financial management.
Since its peak of around 13,000 BTC, which reached a value of over $1.4 billion in October 2024, Bhutan has Carry out gradual sales and transfers In small sections.
This latest transaction reduced our exposure to Bitcoin by nearly 60%. Reasons include financial management, mining costs after the 2024 halving, and domestic project financing.
Despite the decrease, Bhutan remains one of the major sovereign holdershas been focusing on sustainable hydropower mining since 2019, as reported by CriptoNoticias.
Bhutan has around 3.5 GW of hydropower capacity, with an estimated technical potential of up to 23-33 GW. During the heavy rainy season, surplus electricity is generated that was previously wasted or exported cheaply to India.
Instead, the government channeled this surplus into Bitcoin mining, turning it into a source of monetary income without significantly emitting carbon.
While Bhutan has gradually reduced its exposure through strategic transfers and sales, countries like El Salvador have maintained the opposite policy, consistently accumulating BTC as a store of value and national strategic asset.
