Key Insights:
- Bitcoin news emerged on Oct. 20 when the Royal Government of Bhutan transferred 121.89 BTC worth $13.5 million to a new wallet, likely for sale on a centralized exchange.
- The Bitcoin wallet of Bhutan Government currently hold 6,262 BTC worth $693.5 million, down from an all-time high of over 13,000 BTC reached on Oct. 29, 2024.
- The sale would not significantly impact the BTC price, as the amount falls below the -2% depth on major exchanges like Binance and Kraken.
The Royal Government of Bhutan shook the Bitcoin news scene by moving 121.89 BTC worth $13.5 million to a new wallet on Oct. 20, likely a move to sell the balance in an exchange, according to on-chain monitoring profile Onchain Lens.
Despite the move, the amount was too small to significantly impact the BTC price. As of press time, the -2% depth of the BTC/USDT pair on Binance stood at $18.4 million, according to CoinGecko data.
Even if Bhutan sold the entire $13.5 million in a single order, the sale would not push Bitcoin’s price down 2%.
The Bhutan government wallet also have Kraken as a counterpart. The exchange’s -2% depth was even larger at $31.9 million.
Bitcoin News: Sovereign Holdings Drop Below Half of October 2024 Peak
Bhutan’s Bitcoin wallets currently hold 6,262 BTC, worth approximately $693.5 million, according to Arkham data. The treasury also holds 656 ETH worth $2.6 million.
The BTC balance represents less than half of the wallets’ all-time high of over 13,000 BTC reached on Oct. 29, 2024.
Arkham publicly labeled wallets attributed to the Royal Government and sovereign investment arm Druk Holding & Investments (DHI) in September 2024.
The labeling placed Bhutan among the largest sovereign Bitcoin holders globally.
Arkham tracked periodic transfers from those addresses through late 2024 and 2025.
The movements suggested balance-sheet management rather than a one-way accumulation stance.
Hydropower-Backed Mining Anchors State Strategy
Bhutan’s government treated BTC as a state-capacity project rather than a retail experiment. Druk Holding & Investments mined BTC since at least 2019. In 2023, DHI formalized a “green” mining push with Nasdaq-listed Bitdeer.
The partnership aimed to leverage surplus hydropower for hard-currency earnings.
Bitdeer’s collaboration with DHI was announced in May 2023. The companies planned to raise up to $500 million for carbon-free mining in the kingdom.
Corporate filings in 2025 showed the flagship 500-MW Jigmeling site moving through energization phases. The site brought 235 MW online by July. Construction completion was noted by September.
Bitcoin News: Policy Framework Shifts to Special-Zone Model
Policy evolved toward a special-zone approach in early 2025. The Gelephu Mindfulness City special administrative region said in January it would treat digital assets, including Bitcoin, as part of its strategic reserves.
The Royal Monetary Authority outlined a “phased and focused” approach in April. The framework limited mining and exchange activities to entities registered under GMC’s structure. Retail on-ramps via domestic banks remained restricted.
Officials framed the development as a strategic policy. Reuters reported in April 2025 that Bhutan viewed hydro-powered mining as a way to create jobs and bolster foreign-exchange liquidity.
More reports noted that the government sold about $100 million in crypto in 2023 to finance public-sector pay rises.
Risk Lessons and External Capital Shape Ecosystem
The backstory includes exposure to the crypto credit crisis between 2022 and 2023. Court and bankruptcy records surfaced DHI’s relationships with Celsius and BlockFi.
The episode preceded the pivot to transparent infrastructure-anchored mining with Bitdeer.
External capital flowed to Bhutan’s key partner in 2024. Tether took a $100 million stake in Bitdeer. The investment added financing depth to the ecosystem around DHI.
Hydropower seasonality and grid expansion needs shaped mining uptime. Bitdeer’s energization cadence served as a proxy for the actual hash rate coming online.
Ongoing wallet activity flagged by Arkham continued to be a near-term signal for treasury management.
The Royal Government of Bhutan executed the $13.5 million transfer as part of its continued balance sheet management approach.
The kingdom maintained its position as one of the largest sovereign Bitcoin holders despite reducing its treasury by more than half since October 2024.