About 40 days ago, the Royal Government of Bhutan transferred 600 Bitcoin through Druk Holding and Investments (DHI). At that time, the total amount of Bitcoin they held reached 10,070 BTC. However, since this transaction, Bhutanese officials appear to have sold approximately 2,584 BTC, with a total estimated value of around 248 million dollars.
Bhutan's Bitcoin reserves decrease
In April, Bhutan — the fourth country in the world in terms of Bitcoin held by the government — reduced its reserves. Data from Arkham Intelligence on March 24 showed that the government's Bitcoin holdings were 10,070 BTC. Currently, this number has dropped to 7,486 BTC, with an approximate value of 720 million dollars. Within 40 days, this country's holdings have decreased exactly by 2,584 BTC.
Each coin in recent transfer transactions was sent to separate and unidentified addresses. Notably, the total amount of Bitcoin that this country owns originates from mining activities — a unique approach in the global context. Although the sales may aim to modernize mining infrastructure, Prime Minister Tshering Tobgay stated that liquidating a portion of the digital assets has also significantly contributed to national health programs and adjusting salaries for civil servants, reflecting efforts to balance technological development and serving community interests.
Both Bhutanese officials and DHI — the only state-owned company and also the custodian of the country's Bitcoin — have not made any public statements regarding the reduction of Bitcoin in April. However, Bhutan still surpasses El Salvador in total BTC held and continues to be the fourth country in the world in terms of state-level ownership.
Currently, the United States leads with 198,012 BTC, followed by the United Kingdom with 61,245 BTC. North Korea ranks third, with the Lazarus Group — an organization believed to be linked to state-sponsored cyber activities — managing 8,358 BTC, slightly higher than Bhutan's current figure of 7,486 BTC.
El Salvador ranks fifth with 6,166 BTC, gradually increasing reserves by purchasing 1 BTC each day. Among these countries, the United Kingdom is the only one that does not view Bitcoin holdings as a long-term national strategy.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.
