• Druk Holding & Investments moved 319.7 BTC worth roughly $23 million on April 9, 2026.
• Bhutan’s bitcoin reserves have dropped by 9,046 BTC since the reserve’s 13,000 BTC peak.
• Onchain data shows no new mining inflows in over a year, signaling continued treasury drawdown by DHI.

Onchain analytics firm Arkham Intelligence tracked the outflow from a Druk Holding-linked wallet to two destination addresses. One address has a documented history of routing funds through trading partners, including the crypto firms OKX and Galaxy Digital. The second appears to be a new intermediary or exchange deposit address.

Onchain Lens flagged the split and noted the historical connection to prior liquidations. The transfer follows a series of similarly sized moves in recent weeks. Bhutan sent roughly 374 BTC worth about $25 million approximately one week prior, and around 520 BTC worth about $37 million two weeks before that. Onchain data shows more than $200 million in outflows from Druk Holding wallets in 2026 alone.

Bhutan’s bitcoin holdings now stand at approximately 3,954 BTC, worth around $281 million at current prices. That figure represents a sharp decline from a peak of roughly 13,000 BTC accumulated between 2019 and late 2024. Moreover, no significant mining inflows have been recorded in more than a year. 9,046 BTC has been offloaded since the 13,000 BTC zenith.

Bhutan built its bitcoin reserve through state-backed mining operations powered by surplus hydroelectric energy, working with Bitdeer. DHI, the government’s sovereign investment vehicle, funded and expanded those facilities, later partnering with Bitdeer Technologies to scale capacity. At peak holdings, the stash represented a meaningful share of Bhutan’s roughly $3 billion economy.

The transfers seemingly look like treasury management and profit-taking rather than distressed selling. Proceeds from earlier sales have reportedly funded domestic expenses, including civil servant pay increases. No official government statement has accompanied any of the recent transactions, consistent with Bhutan’s low-profile approach to its bitcoin program.

All transaction data is verifiable onchain through Arkham, Mempool.space, or other blockchain explorers using the source address bc1q0ng7kkt7vt3smv82fe63tuqsq0mz5kzhptjs6x.

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