Bhutan's Bitcoin Bake Sale Continues: Druk Holdings Unloads Another $25M Batch

The Royal Government of Bhutan has transferred another batch of Bitcoin, signaling possible selling as the asset continues to witness capital outflows. On-chain analytics show the move involved roughly 375 Bitcoin, valued at approximately $25.19 million at the time of the transfer. The amount was moved to an intermediary wallet previously linked to outflows toward Galaxy Digital, according to on-chain data retrieved from Arkham. That's roughly the GDP of a small island nation, or in crypto terms, about 37.5 times what your degens cousin lost on a meme coin last week.

This latest activity adds to a wave of large transfers throughout March. Earlier, the government moved 973 Bitcoin worth about $72 million over two days, followed by 519.7 Bitcoin valued at $36.75 million to external wallets, including those linked to trading firms. Another 123.7 Bitcoin transfer worth $8.5 million on March 27 underscores the accelerated pace. For those keeping score at home, that's a whole lot of sats hitting the market faster than a liquidity pool at arugpull.com.

Overall, these transactions have pushed total 2026 outflows above $152 million, with net sales estimated at around $120 million after accounting for some inflows. The kingdom's treasury is essentially running a very sophisticated DCA strategy in reverse—steadily converting digital gold into the kind of fiat that pays for roads, hospitals, and presumably some very nice government laptops.

As of press time, the kingdom's Bitcoin holdings stood at approximately $714.08 million, equivalent to 10,769 Bitcoin, representing about 0.051% of the total supply of Bitcoin. The valuation reflects a 25% decline over the past three months, highlighting the impact of recent market movements on the kingdom's digital asset reserves. They're still holding enough BTC to make Michael Saylor nod approvingly, even if the price action lately has been about as exciting as watching paint dry in a bear market.

Bhutan began mining Bitcoin in 2019 using surplus hydropower, turning excess clean energy into a strategic reserve managed by Druk Holding and Investments that, at one point, contributed nearly 40% of GDP. By late 2025, it had built one of the world's largest sovereign Bitcoin holdings, viewed as a long-term store of value. That's right—while the rest of the world was arguing about Bitcoin on Twitter, this tiny Himalayan kingdom was quietly stacking sats with 100% green energy and absolutely zero cope about the mining debate.

However, after pledging up to 10,000 Bitcoin for the Gelephu Mindfulness City project, 2026 has marked a shift toward steady, measured sales, typically $5 to $10 million per batch, to limit market impact