The Bhutanese government transferred 738 bitcoins, valued at approximately $44.88 million, on June 6. This new movement continues a series of transfers which have lasted for several months and which have significantly dented the state reserves of the Himalayan kingdom. Will the trend continue until the royal stock is completely exhausted?
In brief
- Druk Holding and Investments transferred 738 BTC (≈$44.88M) on June 6, according to Arkham Intelligence.
- Bhutanese sovereign reserves have fallen well below their peak of 13,000 BTC reached in 2024.
- Sales are used to finance the Gelephu City of Mindfulness, a state economic megaproject.
Bhutan liquidates another 738 Bitcoins
Druk Holding and Investments has managed all of the kingdom's crypto assets since the beginning. This commercial branch of the Bhutanese state supervises each transfer, and the regularity of the exits leaves little room for doubt: these are not isolated movements.
Bhutan stands out among sovereign holders because it has never purchased BTC on the open market. The state leveraged its abundant hydroelectric resources to directly mine bitcoin, which allowed it to accumulate significant positions without spending capital.
This model had made the kingdom one of the states best positioned in terms of assets. Now the dynamic is reversed.
On-chain observers note a succession of transfers since 2026 : 375 BTC in one transaction, then a return to 4,452 BTC after a $36 million move, and now this additional 738 BTC.
Moreover, DHI had sowed confusion by denying any sale even though the wallets were showing a clear decline.
Gelephu as justification, the market as context
Analysts attribute the sales to the financing needs of the Gelephu Mindfulness City (GMC), a special economic zone that the government touts as the pillar of long-term national development. The gradual conversion of bitcoin reserves into liquid capital serves this project as much as current government spending.
This disengagement takes place in a delicate market context. Bitcoin itself has been under pressure for several weeks: BTC has erased all of its post-US election gains, falling below its level on election day in November 2024.
The $60,000 threshold is now focusing the attention of institutional traders, while significant capital outflows have weakened bitcoin ETFs since the start of the year.
The timing of the Bhutanese transfers is therefore not trivial. Selling via OTC in a market under pressure means minimizing the impact without giving up liquidity.
In short, the Bhutanese experience shows that a State can transform mined bitcoin into concrete infrastructure, without causing panic on the markets. The reserves have melted since their peak of 13,000 BTC, and each new transfer reduces the kingdom's room for maneuver a little more.
What the government will do with the funds, and especially at what pace it will continue, remains the real unknown. In the meantime, sovereign strategies around bitcoin are diversifying, and Bhutan offers the most concrete example to date.
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