Bhutan, 175 BTC of Bitcoin moved… The country's holdings are approximately 5,400 BTC.

As one of the world’s major Bitcoin holding countries, Bhutan’s transfer of approximately 175 Bitcoins has attracted market attention.

On the 10th, CoinTelegraph reported that, according to blockchain analytics platform Arkham data, the Bhutanese government transferred about 175 Bitcoins to a new wallet address on Monday. The amount is roughly $11.85 million. This address was created a month ago and previously received 184 Bitcoins from a government wallet.

Blockchain data shows that as of Tuesday, the 175 Bitcoins remain in that address. However, the previously transferred 184 Bitcoins have been moved to another address. Since 2024, this address has received a total of 1,910 Bitcoins and currently holds about 126.

Arkham revealed on X (formerly Twitter) that Bhutan had transferred a similar amount of Bitcoin last February and sold about $7 million worth through QCP Capital. It is also reported that Bhutan has sold Bitcoin multiple times this year.

Arkham explained, “Bhutan typically sells Bitcoin in batches of $5 million to $10 million, with particularly active sales from mid-September to the end of the month in 2025.”

According to Arkham’s estimates, Bhutan’s Bitcoin holdings as of Monday are about 5,400 coins, ranking seventh among countries worldwide. The country with the largest Bitcoin holdings is the United States, with approximately 328,372 Bitcoins, valued at around $22 billion based on Tuesday’s prices.

In addition to Bitcoin, Bhutan also holds some other cryptocurrencies. These assets are managed by the sovereign wealth fund Druk Holding and Investments, which also owns 28 ETH and 28 AI-based meme coins called KiboShib.

Since launching its state-led Bitcoin mining operation in 2019, Bhutan is estimated to have acquired about 13,000 Bitcoins. The mining process uses hydroelectric power.

However, after the Bitcoin halving in 2024, the mining reward decreased to 3.125 Bitcoins, reducing mining profitability and increasing operational costs.

Bhutan’s Prime Minister Tshering Tobgay explained in an interview with Al Jazeera last April that during the summer, excess electricity is generated due to increased water flow in hydroelectric plants. Using this surplus power for Bitcoin mining is highly efficient.

He also revealed in an interview in March 2025 that the revenue generated from holding Bitcoin has been used for healthcare services, environmental protection projects, and paying civil servant salaries.

Meanwhile, since the halving in April 2024, the reduced profitability of mining has led some Bitcoin mining companies to shift their electricity infrastructure toward artificial intelligence (AI) and high-performance computing (HPC) services.