The Royal Government of Bhutan transferred 250 BTC worth $18.46 million to a newly created wallet on Wednesday, according to data tracked by blockchain analytics platform Arkham.
The move extends a series of outflows that have reduced the country’s publicly known bitcoin holdings by more than 70% from an October 2024 peak.
The purpose of the latest transfer is not immediately clear, though onchain analysts have tied previous moves to potential sales, including a recent 250 BTC transfer to a wallet previously used to route funds to Galaxy Digital and OKX.
Wallets labeled by Arkham as belonging to the Royal Government of Bhutan have moved roughly 3,247 BTC so far in 2026. The total value of those outflows stands at approximately $240.4 million at current prices.
Following the April 13 transfer, the wallets hold 3,524 BTC valued at $260.9 million. That represents a 73% reduction from Bhutan’s peak holding of nearly 13,000 BTC in October 2024. The wallets also contain 30.15 ETH worth roughly $70,160, per Arkham.
Bhutan built its bitcoin stockpile through mining operations powered by the country’s hydroelectric resources. Arkham data shows the last bitcoin inflow exceeding $100,000 to government-labeled wallets occurred more than one year ago.
Bitcoin traded at $74,049 on April 13, according to The Block’s bitcoin price page. The largest cryptocurrency by market capitalization has gained 3% over the past week and 23% since hitting a low near $60,000 on Feb. 6. The price remains 41% below the all-time high of approximately $126,000 set on Oct. 6, 2025.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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