Bhutan has transferred approximately $17 million worth of Bitcoin in recent days, raising speculation about whether the Himalayan kingdom is liquidating part of its holdings. Blockchain data shows the funds moved from a wallet linked to Bhutan’s sovereign investment arm, Druk Holding & Investments, to an undisclosed address.
The transactions come as Bitcoin hovers near all-time highs, with institutional interest in cryptocurrencies surging globally. Bhutan first revealed its Bitcoin investments in 2022 through leaked documents, though officials have remained tight-lipped about the size and purpose of its holdings.
‘This could be routine portfolio rebalancing or strategic profit-taking,’ said a Singapore-based crypto analyst who requested anonymity due to client relationships. ‘But given the timing near market peaks, it naturally raises questions about sovereign wealth management strategies.’
Bhutan’s government has neither confirmed nor denied the transactions. A finance ministry spokesperson told Reuters last month that the country views digital assets as ‘a long-term store of value,’ but declined to comment on specific trading activity.
Market observers note that if confirmed as a sale, Bhutan’s move would follow similar divestments by El Salvador and MicroStrategy during price rallies. The transactions could test market liquidity at current levels while providing clues about how sovereign entities manage volatile crypto assets.