Key Highlights
- Bhutan moved 175 Bitcoin worth about $11 million from its main wallets to another tagged wallet.
- The country regularly sells Bitcoin in batches ($5–10M) to manage its treasury, with total holdings now around 5,425 BTC.
- Bhutam mines its own Bitcoin and uses some sales to fund national priorities like salaries and infrastructure.
The Royal Government of Bhutan moved 175 Bitcoin (BTC), valued at approximately $11 million, from its primary wallets to an address tagged “bc1q0” on March 9, 2026, as Bitcoin surged over 2.41% over the last 24 hours.
According to blockchain analytics platform Arkham Intelligence, the transfer likely indicates the government is preparing to sell a portion of its Bitcoin holdings.
Regular Bitcoin transfers to manage treasury
This type of transaction from the kingdom is not new, as they sold $7 million worth of Bitcoin through QCP Capital in February. This includes a 100 BTC transfer, worth about $6.7 million on February 13, to a merchant address.
These transfers are usually done in batches between $5 million and $10 million. Still, Bhutan’s wallet holds about 5,425 BTC, valued at $371 million in its holdings, with Bitcoin being 99% of it. Bhutan also holds 27.52 ETH worth $55,600.
The country’s Bitcoin strategy is different from most nations. Bhutan earns its Bitcoin by mining, rather than buying or seizing it. Since 2019, the kingdom has mined thousands of Bitcoin because it is cheaper due to the use of hydroelectric power, which keeps its production cost to around $120 million. In 2023 alone, Bhutan mined about 8,200 BTC, earning a profit estimated at $265 million.
Gradual sales fund national spending
The 2024 Bitcoin halving made mining a lot more expensive and less efficient. Because of this, Bhutan has been gradually selling some of its Bitcoin to fund the nation’s projects. Between the years 2023 and 2024, the country sold roughly $100 million worth of Bitcoin to pay its civil servants and for new infrastructure.
Earlier this year, Bhutan moved $22.4 million in Bitcoin to crypto exchanges during a market dip and sold $14 million worth in multiple transfers over recent weeks. In short, these transactions demonstrate a careful approach to monetizing Bitcoin without causing sudden effects on the market. The kingdom still remains the seventh-largest nation-state holder of Bitcoin.
This comes at a time when the Bitcoin price pushed upward with a 2.4% surge from the previous. The token now trades for $68,648, up from an intraday low of below $65k, thanks to a 74% surge in its trading activity, which records $50.81 billion in volume, according to CoinMarketCap.
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