Proceeds from Bitcoin sales have paid for healthcare, environmental programs, and government worker salaries in Bhutan \u2014 a detail that puts the kingdom\u2019s latest crypto move in sharper focus.<\/p>\n
On Monday, blockchain analytics firm Arkham flagged a transfer of 175 Bitcoin<\/a>, worth roughly $11.85 million, out of Bhutan\u2019s main government wallet.<\/p>\n The funds moved to an address created about a month ago, one that had already received 184 Bitcoin from state accounts. As of Tuesday, the coins had not moved again. No sale has been confirmed.<\/p>\n But the transfer<\/a> fits a pattern Arkham has tracked for months. Data shows Bhutan tends to offload Bitcoin in batches of $5 million to $10 million at a time. The heaviest selling on record came in mid-to-late September 2025.<\/p>\n Back in February, a similar transfer preceded a $7 million sale to Singapore-based crypto trading firm QCP Capital.<\/p>\n Bhutan just moved another $11 Million of Bitcoin out of its main holding addresses.<\/p>\n The last time they did this was 1 month ago, and they were selling $7 Million of BTC with QCP Capital.<\/p>\n Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly\u2026 pic.twitter.com\/tBuz280bBe<\/a><\/p>\n \u2014 Arkham (@arkham) March 9, 2026<\/a><\/p>\n\n The kingdom did not buy its Bitcoin on an exchange. It mined it. State-backed operations began in 2019, powered almost entirely by hydroelectric energy.<\/p>\n During summer months, Bhutan\u2019s rivers run fast and full, pushing its hydropower plants into surplus. Rather than waste that extra electricity, officials directed it toward Bitcoin mining<\/a>.<\/p>\nHow Bhutan Built Its Stash<\/h2>\n