News

Bhutan Shifts $92M in Bitcoin Amidst Market Downturn

by Crypto Hobby

Updated August 19, 2025

Bhutan flag, Bitcoin symbol, mountain landscape.

The Kingdom of Bhutan has recently transferred approximately 800 Bitcoin, valued at around $92 million, to new digital wallets.

This significant movement of assets, occurring amidst a dip in Bitcoin's price, has ignited considerable speculation within the cryptocurrency community regarding a potential sale of the nation's holdings.

Bhutan's Recent Bitcoin Transactions

Blockchain analytics firm Arkham reported that on August 18, 2025, Bhutan moved 799.69 BTC to two newly established wallets.

This marks the third notable transaction by the Bhutanese government this month. Earlier, on August 5, the government transferred 517 BTC to an unidentified wallet.

Subsequently, on August 7, Arkham confirmed that these coins were moved to a Cobo Hot Wallet, with the intention of sale, at an average price of $116,557. Cobo serves as a trusted custodian for Bhutan's Bitcoin reserves.

Speculation on Potential Sale and Market Context

Onchain Lens, another tracking platform, has suggested that the latest transfer might be directed towards the Binance exchange.

However, Bhutanese authorities have not officially confirmed any plans to sell their Bitcoin.

These recurring transactions have intensified speculation that the country may be reducing its cryptocurrency reserves.

The transfers coincide with Bitcoin's struggle to maintain its recent gains. After reaching an all-time high of $124,474 on August 14, 2025, the cryptocurrency has seen a decline.

At the time of reporting, Bitcoin was trading at $115,415, reflecting a 2.51% decrease in the past 24 hours and a nearly 4% drop over the week.

Bhutan's Position as a Top Bitcoin Holder

Despite these recent movements and market volatility, Bhutan remains a significant player in the global Bitcoin landscape.

The nation currently holds approximately 9,969 BTC, with an estimated value of $1.15 billion. This positions Bhutan as the sixth-largest state holder of Bitcoin globally.

It trails behind nations such as the United States (198,022 BTC), China (190,000 BTC), the United Kingdom (61,245 BTC), Ukraine (46,351 BTC), and North Korea (13,562 BTC).

Unique Accumulation Strategy

Bhutan's accumulation of Bitcoin is particularly noteworthy.

Unlike many other governments that have acquired Bitcoin through seizures or confiscations, Bhutan has largely built its reserves through mining operations.

On-chain data indicates a connection to Ant Pool, with the mining activities powered by the country's abundant hydroelectric resources.

This mining-centric approach distinguishes Bhutan from other state-level Bitcoin holders.