The Royal Government of Bhutan has made headlines once again by resuming its Bitcoin activity, moving 175 BTC valued at approximately $12 million. This transfer comes as the price of Bitcoin has rebounded above $70,000, indicating a renewed interest in the cryptocurrency market.
According to data from blockchain tracking platform Arkham, this latest movement marks a significant part of Bhutan”s broader strategy. In 2026 alone, the government”s Bitcoin transactions have totaled over $42 million. Historically, Bhutan has opted to sell its Bitcoin in smaller increments, typically ranging from $5 million to $10 million, especially during price rallies.
This recent transfer follows an earlier transaction in which Bhutan liquidated nearly $7 million worth of BTC through QCP Capital. Despite this sell-off, the government still holds around 5,400 BTC, which currently has an estimated value of $374 million. These reserves are managed by the nation”s sovereign wealth fund, Druk Holding & Investments.
Positioned as the seventh-largest Bitcoin holder among nation-states, Bhutan is behind the likes of the United States, China, the United Kingdom, Ukraine, El Salvador, and the United Arab Emirates. The country has been able to amass its Bitcoin holdings primarily through mining, utilizing its abundant hydroelectric resources.
In recent months, Bhutan has ramped up its efforts in the cryptocurrency space, evidenced by its ambitious Bitcoin Development Pledge, which includes a commitment of up to 10,000 BTC to support the development of the Gelephu Mindfulness City project in collaboration with Bitdeer. This initiative reflects Bhutan”s strategy of integrating environmentally sustainable practices into its mining operations.
In terms of market dynamics, Bitcoin seems to be stabilizing after facing volatility due to geopolitical tensions and rising oil prices. Recent data from CoinGecko indicates that Bitcoin has increased by 4.8% in a single day, reaching around $70,870. Institutional interest remains robust, as evidenced by significant net inflows into U.S.-listed spot Bitcoin exchange-traded funds (ETFs), which totaled approximately $568 million last week.
Overall, Bhutan”s latest BTC transfer exemplifies its strategic approach to cryptocurrency, while Bitcoin”s resurgence offers a glimpse into the ongoing recovery of the crypto market as it navigates through challenging conditions.
