Bhutan Moves Another $23 Million in Bitcoin as Holdings Fall 70%

Bhutan’s government manages Bitcoin accumulated through hydropower-powered mining via its sovereign wealth fund, making the holdings an important part of the country’s digital-asset strategy. Because large transfers from government wallets can signal preparations to sell, the movement of funds to centralized exchange Binance has drawn close market scrutiny.

Blockchain analytics platform Arkham showed that, as of July 20, 2026, wallets linked to the Bhutanese government had recently transferred 533 Bitcoin to Binance, worth about $34.5 million at the time. Its holdings fell below 1,750 Bitcoin after the transactions, prompting speculation over whether Bhutan was continuing to take profits or liquidate assets.

Bhutan’s government has used the country’s abundant hydropower to develop a state-backed Bitcoin mining operation through its sovereign wealth fund, Druk Holding and Investments (DHI), adding digital assets to its national reserves. Its holdings and sales have drawn close attention, illustrating how a small economy can turn an energy advantage into fiscal assets.

DHI transferred 175 Bitcoin that Monday in 2026, worth about $11.85 million at the time. Its total cash-outs this year have exceeded $42.5 million. On-chain data show that Bhutan still holds about 5,400 Bitcoin, valued at roughly $374 million.