Bhutan, a significant Bitcoin holder, transferred 175 Bitcoin (valued at $11.85 million) from its main address amidst slight gains in cryptocurrency markets. The funds were directed to a recently created address, which previously received 184 Bitcoin from the Bhutanese government. As of the latest data, the 175 Bitcoin remained at this new address, while the earlier transfer was sent to a third address, accumulating a total of 1,910 Bitcoin since 2024. Historically, Bhutan has sold portions of its Bitcoin holdings for amounts ranging from $5 to $10 million, with significant selling activity particularly noted in September 2025. Arkham estimates Bhutan’s total Bitcoin holdings at approximately 5,400, ranking it seventh among countries globally, far behind the United States, which holds the largest reserve of 328,372 Bitcoin.
The country, leveraging state-backed mining operations initiated in 2019 and fueled by its hydroelectric resources, has amassed around 13,000 Bitcoin overall. However, the efficiency of mining operations declined after the 2024 halving, leading to increased operation costs. Prime Minister Tshering Tobgay highlighted that surplus energy generated in the summer months from hydropower facilitates Bitcoin mining while the proceeds have supported public services, including healthcare and salaries for public servants. Following the halving, many Bitcoin miners have begun redirecting resources towards artificial intelligence and high-performance computing, affecting their overall profitability.