Bhutan transfers 490 BTC worth $32.7M to new wallets

The Royal Government of Bhutan has moved 490.87 Bitcoin worth about $32.74 million to fresh wallets over the past 24 hours, extending a series of large BTC transfers from state-linked addresses in 2026.
Summary

• Bhutan transferred 490.87 BTC worth about $32.74 million to fresh wallets over the past day.
• The largest transaction involved 485 BTC valued at roughly $32.31 million.
• State linked Bitcoin transfers have continued throughout 2026, with funds previously moving to unidentified wallets, trading firms and exchanges.
• Bhutan accumulated much of its Bitcoin through state backed mining powered by hydroelectric energy.

According to blockchain analytics platform Onchain Lens, the latest activity included a 485 BTC transfer worth approximately $32.31 million, which accounted for nearly all of the Bitcoin moved during the period.

BHUTAN MOVES $32.7M BTC TO FRESH WALLETS

The Royal Government of Bhutan moved 490.87 $BTC (~$32.74M) to fresh wallets over the past day.

The largest transfer was 485 $BTC (~$32.31M). pic.twitter.com/DQLs7MHrCT --- Onchain Lens (@OnchainLens) August 21, 2026

Smaller transactions made up the remaining amount, with Onchain Lens data showing BTC leaving wallets identified as belonging to the Royal Government of Bhutan. The analytics platform did not identify the fresh recipient wallets as exchanges or trading firms, and it did not confirm whether the transfers represented sales.

The distinction is important because a transfer to a newly created or unidentified wallet does not establish what happened to the Bitcoin afterward. Bhutan has previously moved BTC to unknown addresses as well as wallets connected to trading firms, making the eventual destination relevant when determining whether funds were sold or simply reorganized.

Bhutan Bitcoin transfers have continued through 2026

The latest movement came just days after another large transaction from Bhutan-linked addresses.

On Aug. 18, blockchain tracker Lookonchain reported that the Royal Government of Bhutan transferred 300 BTC worth about $19.28 million to a new wallet. The firm described the transaction as another sale, although the initial transfer itself went to a fresh address.

Earlier transactions have followed a similar pattern, with large amounts of Bitcoin leaving government-linked wallets before moving through other addresses.

By May, state-linked BTC outflows had already surpassed $230 million for 2026, according to Arkham Intelligence data previously covered by crypto.news.

The May transaction involved 100.44 BTC worth approximately $8.2 million moving to an unlabeled wallet. Arkham said at the time that Bhutan-linked addresses were averaging close to $50 million in monthly Bitcoin movements during 2026.

Some earlier transfers eventually reached Binance and Galaxy Digital, according to Arkham. However, the analytics firm noted that movements to unidentified addresses could not automatically be treated as confirmed sales.

Bhutan's wallet activity accelerated during March. On March 25, a state-linked address moved another 519.7 BTC worth about $36.7 million to two wallets.

Onchain Lens identified one of the recipients as being linked to crypto trading firm QCP Capital. The transaction was the third major sovereign wallet movement recorded that month, following an approximately $72 million transfer and another $11.8 million movement earlier in March.

Bhutan's BTC holdings have fallen from their 2024 peak

Repeated transfers have reduced the amount of Bitcoin visible in wallets identified by blockchain analytics firms as belonging to Bhutan or its sovereign investment arm, Druk Holding & Investments.
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Arkham data showed Bhutan held more than 13,000 BTC at its peak in October 2024. By March 25, identified holdings had fallen to 4,453 BTC worth about $315 million at the time.

A few days earlier, Bhutan had transferred about $72.3 million in Bitcoin over a 24-hour period. More than 973 BTC moved across several transactions linked to DHI, which oversees the country's mining and digital asset operations.

The March transactions followed smaller movements earlier in the year. Arkham data showed Bhutan-linked wallets moved more than 284 BTC worth roughly $22 million during one week in February, including transfers to addresses associated with QCP Capital.

By March 20, Arkham estimated that more than $110 million worth of Bitcoin had left Bhutan-linked holdings since the start of 2026. The analytics firm tracked transfers to counterparties including QCP Capital and Binance while also recording movements to unidentified wallets.

The numbers attached to Bhutan's holdings can vary depending on which addresses blockchain analytics platforms identify as government-controlled. Transfers to a previously unknown address can also reduce the balance displayed under a government's tagged portfolio even when ownership of the coins has not necessarily changed.

For that reason, the latest 490.87 BTC transaction establishes that the funds moved from addresses attributed to Bhutan, but the available Onchain Lens data does not establish whether the government sold the Bitcoin.

Hydropower mining built Bhutan's Bitcoin position

Bhutan's state Bitcoin holdings were largely accumulated through mining rather than purchases or asset seizures.

The Himalayan kingdom began developing state-backed Bitcoin mining operations years ago, using its hydroelectric power resources to operate mining facilities. DHI emerged as the main state entity overseeing the program.

Arkham first publicly identified Bhutan's holdings in 2024, when it traced more than 13,000 BTC to government-linked mining operations. At the time, the position was worth more than $750 million and placed Bhutan among the largest known government Bitcoin holders.

The country's mining infrastructure was also expanded through a partnership with Bitdeer Technologies. Plans announced in 2024 called for another 500 megawatts of mining capacity, taking the planned total to 600 MW.

Unlike sovereign Bitcoin positions created through law-enforcement seizures, Bhutan's holdings therefore represented assets generated through mining operations backed by domestic energy infrastructure.

The government has since incorporated Bitcoin into plans extending beyond mining. In December 2025, Bhutan announced a Bitcoin Development Pledge tied to Gelephu Mindfulness City, a special administrative region being developed in southern Bhutan.

Under the strategy, the country pledged up to 10,000 BTC to support Gelephu's long-term development, while outlining plans involving hydro-powered mining, long-term Bitcoin holdings and partnerships built around the city.

Gelephu has started putting its Bitcoin strategy into operation

Parts of the Gelephu strategy have moved into implementation during 2026.

On July 30, Gelephu Mindfulness City appointed digital asset manager 3iQ to oversee an undisclosed portion of its Bitcoin treasury.

The mandate covers professional management of BTC assigned to the city while 3iQ establishes a local presence and supports investment expertise and knowledge transfer. The exact amount of Bitcoin placed under the mandate was not disclosed.

The agreement followed the December 2025 pledge of up to 10,000 BTC for Gelephu's development strategy.

Gelephu has also been building a regulatory structure for digital asset businesses. During May, the city introduced a fast-track licensing route for qualifying crypto companies already regulated in selected overseas jurisdictions.

The framework allows firms with licenses from approved markets to use existing regulatory records during the application process, although they remain subject to local oversight.

More recently, Bitget signed a cooperation agreement with the Gelephu Mindfulness City Authority to establish a local entity and pursue a Financial Services Licence. Under the agreement announced in August, the exchange plans to work with the city authority on regulatory, operational and ecosystem development while preparing its licensing application.
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