- Bhutan moved 533 BTC worth $34.5 million to Binance.
- Its publicly tracked holdings have fallen below 1,750 BTC.
- The country once held around 13,000 BTC.
- The transfer has sparked speculation about potential sales.
Bhutan has transferred 533 bitcoin worth approximately $34.5 million to Binance, according to onchain data tracked by blockchain analytics firm Arkham.
The transfer was carried out through multiple transactions originating from wallets linked to Druk Holding & Investments, Bhutan's state-owned investment organization.
Following the movement, Bhutan's publicly tracked bitcoin holdings have fallen to roughly 1,750 BTC, a significant decline from the approximately 13,000 BTC the country held in late 2024.
The transfer has fueled speculation that Bhutan may be continuing to reduce its bitcoin reserves. Arkham previously reported that wallets associated with the government had already moved more than $230 million worth of assets during 2026.
Unlike many governments that acquired bitcoin through seizures or law enforcement actions, Bhutan built its holdings through large-scale mining operations powered by the country's hydroelectric resources.
Even after the latest transfer, Bhutan remains one of the world's largest known government bitcoin holders. However, the steady decline in reserves suggests the country may be actively managing or monetizing part of its cryptocurrency portfolio.
The government has not publicly commented on the latest transfer or whether the funds were intended for sale.
