In a new move, Bhutan reportedly transferred another 90 bitcoins (equivalent to approximately $7 million) to a Segwit address. The series of fixed transfers has now exceeded more than $237 million since the beginning of the year.
On-chain data shows that Bhutan transferred Bitcoin to a different address than the three P2SH wallet groups. The country used those wallets to hold most of its Bitcoin reserves. This has fueled speculation that the Himalayan kingdom may be quietly reducing its exposure to Bitcoin.
Bitcoin selling concerns in Bhutan continue to grow
Bhutan was caught transferring small amounts of Bitcoin to a wallet that is not part of its core sovereign holdings. Arkham Data It shows that Druk Holdings’ stash has fallen by about 10,000 BTC from its October 2024 peak of about 13,390 BTC. She now owns approximately $233 million in Bitcoin.
The latest deal was not shocking, as the authority was doing just that All year round. On April 29, Bhutan transferred 100 Bitcoin (worth approximately $8 million) from its wallets. At that point, the data indicated that the country had already transferred about $206.98 million in Bitcoin since January.
Does Bhutan sell Bitcoin?
Bhutan just transferred 90 Bitcoin ($7 million) to a Segwit address which may indicate a transfer of Bitcoin to a separate entity or sale.
They have moved $237.39 million worth of BTC from their wallets to Segwit addresses since the beginning of this year, and currently own $233.18 million worth of BTC. pic.twitter.com/cch0Dc2mqu
– Arkham (@Arkham) May 25, 2026
Some analysts now believe that Bhutan could fully divest from its sovereign Bitcoin position before the end of the year if the pace continues. However, it has remained one of the world’s most bizarre sovereign cryptocurrency experiments.
April 11 saw 319.7 BTC (worth $22 million) leave the wallet. About 250 bitcoins were reportedly moved from that transaction to wallets previously linked to funds being directed toward Galaxy Digital and OKX.
So the fear of selling seems very real. Cryptopolitan reported this Bhutan sold About 285 Bitcoin in various batches during the month of February.
Why might Bhutan move away from Bitcoin mining?
Countries typically collect Bitcoin through seizures or treasury purchases. Meanwhile, Bhutan has built up its reserves through mining operations powered by hydroelectric power. This is reportedly managed by Druk Holding and Investments. However, questions are now emerging about whether the mining operation itself is still active.
The model presented by Bhutan is said to have worked well when Bitcoin trading was above $90,000, and the mining difficulty remained lower. After the halving in 2024, block rewards dropped to 3,125 BTC, and mining competition intensified.
Bitcoin has been dealing with high selling pressure since the beginning of the year. Bitcoin price It is down approximately 12% year-on-year since the beginning of the year. It is trading at $77,271 at press time. The recent price decline has made it difficult for most Bitcoin holders to stay in the market.
Bhutan is expected to generate more revenue from exporting hydropower electricity to neighboring countries. Bitcoin mining under the current scenario will only lead to loss. However, Druk Holding and Investments has not commented publicly on the transfers or the state of its mining infrastructure.
The global cryptocurrency market has shown small signs of stabilization amid the ongoing conflict between the United States and Iran. Most major cryptocurrencies remained slightly higher over the past day. Bitcoin managed to reclaim the crucial $77,000 mark after last week’s decline to $75,000 levels.
