Bhutan Moves 533 BTC to Binance; Holdings Drop Below 1,750

Data from analytics firm Arkham shows the Royal Government of Bhutan moved 533 BTC, valued at about $34.5 million, to a Binance deposit address. The transfers came from a wallet tagged as belonging to Druk Holding & Investments, the country’s state investment arm, and reduced Bhutan’s publicly tracked bitcoin balance to about 1,749.96 BTC.

Arkham’s on-chain records show the outflows were executed in multiple batches to a single Binance deposit address. The largest single transfer was 227.194 BTC (roughly $14.7 million). Another transaction moved 48.228 BTC (about $3.1 million). Several smaller transfers, ranging from fractions of a bitcoin to just over 2 BTC, were also routed to the same address.

Arkham flagged the deposit on X, asking whether the government was selling bitcoin. The firm previously noted that the government moved 100.44 BTC, valued at about $8.2 million, to an unlabeled address last month and estimated outflows from wallets linked to Bhutan have exceeded $230 million since the start of 2026. Bhutan has not issued a public comment on the recent transfers.

Bhutan’s remaining bitcoin balance of 1,749.96 BTC represents a decline of roughly 11,250 BTC from an October 2024 peak of about 13,000 BTC. The government’s total reported wallet value stands at about $113.7 million, a figure that includes 1.034 ETH valued at roughly $1,820.

Bhutan accumulated its bitcoin reserves through mining operations powered by hydroelectric energy. On publicly tracked lists of national holdings, Bhutan ranks as the seventh-largest known nation-state holder of bitcoin, behind the United States (328,372 BTC), China (190,000 BTC), the United Kingdom (61,245 BTC), Ukraine (46,351 BTC), El Salvador (7,649 BTC) and the United Arab Emirates (6,420 BTC).