n a surprising move that’s sparked chatter in the crypto world, Bhutan’s government-linked wallets quietly shifted a large amount of Bitcoin earlier this week. According to blockchain data from Arkham Intelligence, two wallets tied to Druk Holdings & Investments (DHI)—the investment arm of Bhutan’s government—sent 419.5 BTC, worth around $34.5 million, to an unknown wallet on April 2.
Breaking Down the Transfer
The bulk of the transfer came from DHI’s main wallet, which moved 377.8 BTC (about $32.1 million) to a new address starting with “bc1qn6.” Another smaller wallet added 41.7 BTC (roughly $3.5 million) to the same destination. The receiving address is still unidentified, and the coins haven’t moved since landing there.
This isn’t the first time Bhutan has moved large amounts of crypto. Just last week, the government reportedly transferred 1,664 BTC, valued at over $144 million, across multiple wallets—raising eyebrows among crypto trackers.
Bhutan’s Quiet Crypto Empire
You might not expect a small Himalayan kingdom to be a crypto heavyweight, but Bhutan has quietly built a serious stash of Bitcoin over the years. According to data from BitcoinTreasuries.net, Bhutan holds 13,029 BTC, currently valued at just over $1.06 billion. That makes it the fourth-largest government holder of Bitcoin, behind countries like El Salvador—a pioneer in national-level BTC adoption.
What makes Bhutan’s strategy even more unique is how it’s mining Bitcoin. The country uses its abundant hydroelectric power, a clean and renewable energy source, to mine Bitcoin—making its approach environmentally friendly compared to places still using fossil fuels.
To put it in perspective: Bhutan’s Bitcoin holdings are worth nearly 31% of its entire GDP, which is around $3 billion. That’s like the U.S. holding over $7 trillion worth of Bitcoin relative to its economy!
How’s the Market Reacting?
Despite the big transfer, Bitcoin’s price hasn’t taken a hit. In fact, it bounced slightly. After dipping to $81,014, BTC climbed back to $82,005, showing a small rebound of about 2.5% in just 24 hours. At the time of writing, Bitcoin was trading around $82,400, up nearly 1% on the day.
If BTC closes green again today, it’ll be the first time since early January that Bitcoin has seen three consecutive days of gains—a potential sign of growing confidence in the market.
Bhutan Sells, U.S. Buys?
While Bhutan seems to be cashing in some of its crypto, the U.S. is heading in the opposite direction. Last month, President Donald Trump signed an executive order to build a strategic Bitcoin reserve for the U.S. Meanwhile, Senator Cynthia Lummis introduced the Bitcoin Act, aiming to acquire 1 million BTC for the country over time.
It’s a bold move—especially since, as of now, the U.S. holds about 207,189 BTC, most of it seized from criminal activity (like the Silk Road takedown). If the bill passes, it would make the U.S. the largest BTC holder by a mile.
Bottom Line
Bhutan’s recent Bitcoin moves highlight how deeply involved some governments are in the crypto space—some selling, some buying. While the motives behind the transfers aren’t clear yet, Bhutan remains one of the most fascinating (and quiet) players in crypto. And with big countries like the U.S. making bold Bitcoin bets, this might just be the start of a new era of state-level crypto strategies.
