Bhutan's Sovereign Fund Moves $72M in Bitcoin in 24 Hours
Druk Holding and Investments transferred 973 BTC worth approximately $72.32M to external addresses on March 17–18. Bhutan has sold over $110M in Bitcoin since the start of 2026.
The Royal Government of Bhutan transferred 973 BTC worth approximately $72.32 million to external addresses over two days, according to data from Arkham Intelligence.
"Has Bhutan stopped mining Bitcoin? Bhutan has moved $72.3M BTC out of its addresses in the past 24 hours. Bhutan's last >$100K BTC inflow was over 1 year ago." — Arkham (@arkham), original post
Druk Holding and Investments outflows tracked by Arkham Intelligence
Transaction Breakdown
On March 17, Bhutanese authorities moved $27.8 million in Bitcoin, followed by another $44.44 million on March 18. Both transactions originated from wallets belonging to Druk Holding and Investments, the sovereign wealth fund managing the country's crypto reserves. Assets worth roughly $1.52 million were directed to QCP Capital, an institutional crypto trading platform.
Earlier in March, the kingdom transferred approximately $11.85 million from its primary address to a wallet created in February. That wallet had previously received 184 BTC from the government, which were later moved to yet another address. Arkham's data shows Bhutan regularly sells digital assets in tranches of $5–10 million. Since January 2026, total Bitcoin sales have exceeded $110 million.
Reserves Down Threefold from Peak
At the time of writing, Druk Holding holds 4,453 BTC valued at approximately $326 million — roughly three times less than the October peak, when Bhutan's holdings exceeded 13,000 BTC.
Bhutan's BTC reserves have fallen sharply from a peak above 13,000 BTC. Source: Arkham
Bhutan built its Bitcoin stockpile primarily through mining powered by cheap hydroelectricity, with operations running since 2019. After the most recent halving, profitability declined as operating costs rose. Arkham has raised the possibility that the kingdom may have ceased mining altogether — no inbound transfer exceeding $100,000 has been recorded in over a year.
Why It Matters: Institutional Demand Returns
Bhutan's sell-off coincides with a resurgence of institutional Bitcoin demand in the United States. Spot Bitcoin ETFs recorded a seventh consecutive day of net inflows — the longest positive streak since October 2025. On March 17 alone, these products attracted $199.3 million, with BlackRock's IBIT accounting for the largest share. Over seven trading days, total inflows into Bitcoin ETFs reached $1.17 billion.
BTC Markets analyst Rachel Lucas described the trend as structural rather than reactive, noting that buyers are executing long-term allocations rather than chasing headlines. She added that this dynamic has helped Bitcoin hold its price range following a 15% rally amid elevated geopolitical uncertainty.
Spot Ethereum ETFs pulled in $138.2 millionover the same period. Solana and XRP-based funds saw inflows of $17.8 million and $4.6 million respectively.
BTC/USDT hourly chart on Binance. Source: TradingView
Bitcoin was trading near $72,900 at the time of writing, down 1.6% over the past 24 hours. Earlier this month, Citigroup trimmed its year-end Bitcoin price target from $143,000 to $112,000.
Frequently Asked Questions
How much Bitcoin does Bhutan still hold?
As of the time of writing, Druk Holding and Investments controls 4,453 BTC worth approximately $326 million. That is roughly three times below the October peak of more than 13,000 BTC.
Why is Bhutan selling its Bitcoin reserves?
No official explanation has been provided. Arkham data shows Bhutan sells in regular tranches of $5–10 million. Following the most recent halving, mining profitability declined and no significant inflows to the fund's wallets have been recorded in over a year.
Has Bhutan stopped mining Bitcoin?
Arkham Intelligence raised this question after noting no inbound transfer exceeding $100,000 has been recorded in more than a year. The Bhutanese government has not made any public statement confirming or denying a halt to mining operations.
How did Bhutan accumulate so much Bitcoin?
Bhutan has been mining Bitcoin since 2019, leveraging abundant and inexpensive hydroelectric power. The country's mountainous geography and clean energy infrastructure allowed it to mine at relatively low cost.
What is the impact of Bhutan's Bitcoin sales on the market?
Bhutan's consistent liquidations — over $110M since January 2026 — represent steady sell-side pressure. However, this has been offset by strong institutional demand, with US spot Bitcoin ETFs recording $1.17 billion in net inflows over seven consecutive days.
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