rewrite this title Bhutan Moves $37M in Bitcoin to Exchanges, Holdings Down Two-Thirds From Peak – Decrypt

The Kingdom of Bhutan transferred another 519.707 BTC worth $36.75 million to external addresses on Wednesday, accelerating a sovereign Bitcoin liquidation that has seen its BTC holdings plummet 66% from late 2024 peaks.

The Royal Government of Bhutan now holds 4,453 BTC worth approximately $315 million, down from nearly 13,000 BTC in late 2024, according to on-chain data.

The latest transfer continues a drawdown that began after October 2024, with total year-to-date outflows exceeding $150 million.

The steady pace of transfers has accelerated in recent weeks, with Bhutan moving from $5-15 million clips in January and February to $35-45 million transfers in March, according to transaction analysis. Wednesday’s movement to external wallets follows patterns consistent with exchange deposits, though specific destinations remain unconfirmed.



The sovereign selling represents one of the largest government Bitcoin liquidations on record, creating consistent selling pressure as Bhutan continues to monetize holdings accumulated through its hydropower-backed mining operations.

Bitcoin is currently trading at around $69,410, down 3% on the day according to CoinGecko data.

Unlike the majority of state Bitcoin holdings, Bhutan has accumulated its treasury through mining rather than purchases, leveraging its abundant renewable resources. In December 2025,  Bhutan pledged up to 10,000 BTC to develop Gelephu Mindfulness City, an economic hub in the south of the country.