Onchain data tracked by Arkham Intelligence shows Bhutan shifting 175 BTC worth $11.85 million at current exchange rates. Bhutan stands among the small club of nation-states holding bitcoin in reserve—and, notably, it mines the top digital asset rather than obtaining from seizures or scooping up coins on the open market.

Bhutan’s bitcoin stash functions as a sovereign digital-asset reserve accumulated and overseen by its state investment arm, Druk Holding & Investments (DHI). In practice, DHI operates like a sovereign wealth fund, charged with holding and expanding the nation’s assets across multiple sectors. The last time the wallets flagged by Arkham Intelligence stirred was Feb. 12, 2026.

When Bhutan parts with BTC, the proceeds help fund public services and development—everything from doubling civil servant salaries to backing infrastructure projects when tourism revenue decides to take a breather. The funds moved on Monday were sent from a Druk Holding & Investments wallet to a previously used P2WPKH (Pay-to-Witness-Public-Key-Hash) address.

The same wallet saw action last month when 184 BTC moved out, a transaction politely announced by a small test transfer beforehand. Monday’s 175 BTC shift followed the same ritual, arriving right after a tidy 0.0001 BTC test move. Most of the time—at least according to counterparty stats logged by Arkham—Bhutan appears to conduct its dealings with Kraken.

However, Bhutan has also transacted with Deribit, Binance, and Bitget. Following today’s move of 175 BTC, the country now holds 5,424.700 BTC across its wallets. The current value of this bitcoin cache at press time sits near $372 million. Bhutan also keeps a modest stash of ethereum ( ETH), with Arkham data showing about 27.651 ether in its coffers. Crypto initiatives and holdings align with the country’s Gross National Happiness principles.

For now, onchain observers are left reading the blockchain tea leaves. The 175 BTC transfer could signal an impending sale, a routine wallet reshuffle, or simply preparation for future liquidity.

• Why did Bhutan move 175 BTC on March 9, 2026? Bhutan transferred 175 BTC on March 9, 2026, but the exact purpose is unknown and may involve treasury management or potential liquidity planning.
• How much bitcoin does Bhutan currently hold? Bhutan holds about 5,424.700 BTC, valued near $372 million at current market prices.
• How did Bhutan acquire its bitcoin reserves? Bhutan primarily mines bitcoin using state-backed operations rather than buying large amounts on the open market.
• Which exchanges has Bhutan interacted with in the past? Onchain data shows Bhutan has previously transacted with exchanges including Kraken, Binance, Bitget, and Deribit.

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