Bhutan's government moved 738 BTC worth approximately $44.88 million on June 6, according to onchain trackers, with the transfer managed through Druk Holding and Investments (DHI), the state's commercial and investment arm. Analysts tie the sales to funding needs for the Gelephu Mindfulness City megaproject. Bhutan stands out among nation-states for mining bitcoin directly using abundant hydropower rather than purchasing on the open market, making it one of the largest sovereign holders of the asset and drawing scrutiny from onchain analysts with each drawdown.
Bhutan Extends 2026 Drawdown Through DHI-Managed Transfers
Government-linked wallets have moved bitcoin repeatedly through 2026, with all activity managed through DHI, which oversees the country's bitcoin position. The June 6 move continues a steady cadence of transfers. Bhutan previously initiated a transfer of 375 BTC in a single sovereign drawdown and trimmed its treasury in stages, with one earlier transaction reducing holdings to 4,452 BTC after a $36 million move.
The government has typically routed sales through over-the-counter (OTC) channels rather than open exchange order books. OTC deals match large buyers and sellers directly, keeping individual transactions from creating visible downward pressure on spot prices. In one episode, a DHI executive said the government had no recollection of selling bitcoin despite a balance drop flagged by blockchain analytics.
Analysts Link Sales to Gelephu Mindfulness City Funding
Analysts link the sales to Bhutan's funding needs rather than a loss of faith in the asset. The government has pledged a large bitcoin allocation toward the Gelephu Mindfulness City (GMC), a flagship special economic zone meant to anchor the country's long-term development. Converting part of the reserve into spendable capital helps fund that project as well as broader national spending.
Bhutan's Reserve Falls From 13,000 BTC Peak
Bhutan's holdings once exceeded 13,000 BTC. The latest 738 BTC move continues a downward trajectory at a time when bitcoin traded as low as $59,200 just hours ago. The cumulative effect of transfers has been a reserve that has fallen sharply from its peak.
FAQ
What did Bhutan do with its bitcoin on June 6?
Bhutan's government moved 738 BTC worth approximately $44.88 million on June 6, according to onchain trackers, with the transfer managed through Druk Holding and Investments.
Why is Bhutan selling bitcoin?
Analysts link the sales to funding needs for the Gelephu Mindfulness City megaproject and broader national spending, rather than a loss of faith in the asset.
How much bitcoin did Bhutan hold at its peak?
Bhutan's holdings once exceeded 13,000 BTC before the government began a series of drawdowns through 2026.
