Bhutan transfers 400 BTC to unlabelled address, leaving sovereign holdings at 518 BTC

The Royal Government of Bhutan has moved approximately 400 Bitcoin, worth around $30.62 million, to an unidentified external address, according to blockchain analytics firm Lookonchain. The transfer leaves Bhutan’s remaining labeled on-chain holdings at roughly 518 BTC, a fraction of what the country controlled less than two years ago. For context on how dramatic that decline is: Bhutan’s tracked Bitcoin holdings peaked at around 13,000 BTC in October 2024. Today’s 518 BTC represents a reduction of roughly 96% from that high-water mark. A sovereign wallet doing a lot of moving The transfers are attributed primarily to Druk Holding and Investments, the country’s sovereign wealth fund, which has been steadily routing Bitcoin to a variety of counterparties throughout 2026. Recipients have included Binance, Galaxy Digital, and QCP Capital, among others. In June alone, 533 BTC moved to Binance in a single transaction. The pattern is consistent: transactions in the 300 to 500 BTC range, sent to a mix of exchanges and institutional trading desks, with cumulative outflows from Bhutan’s labeled wallets exceeding hundreds of millions of dollars this year. The most recent 400 BTC transfer, ho...