Druk, Druk, Druk! Bhutan Sells Another 250 BTC—Now Down 70% From Peak, Holding On Like a DeFi Degens After a Rug Pull

Bhutan is back in the Bitcoin spotlight, not for building a utopian blockchain kingdom, but for quietly shoveling out another 250 BTC—worth a cool $18 million—into a fresh wallet like it’s spring cleaning its cold storage. Arkham Intelligence caught the move, because of course they did; when a sovereign state plays hot potato with Bitcoin, chain sleuths don’t nap. This transfer is just the latest in a 2026 drip-feed that’s starting to look less like strategy and more like a national fire sale.

To put it in numbers even a memecoin trader can grasp: Bhutan has moved about $233.75 million worth of Bitcoin from known state-linked addresses this year alone. After this latest batch, the kingdom’s stack sits at roughly 3,774 BTC—around $272.5 million in digital gold. Impressive? Sure. But also a brutal reminder of what peak HODL looked like before reality hit like a failed MEV bot.

Flash back to October 2024, when Bhutan was flexing with a majestic 13,000 BTC in its treasury—enough to make a mid-tier ETF jealous. Fast-forward to today, and that stash has melted by over 70%. That’s not just a correction; that’s a full-on on-chain liquidation event without the margin call.

Druk Holding and Investments, the entity managing Bhutan’s digital treasure chest, has spent years mining and stacking like a disciplined nation-state degen. But now, their wallet activity reads more like a liquidity provider pulling reserves from a doomed pool. Big transfers like these usually send sell signals across markets, but without so much as a tweet from Thimphu, we’re left to speculate like astrologers at a hard fork.

Bitcoin was trading just north of $72,000 at press time—still nursing wounds from its October 2025 high, currently 43% in the rearview. So while the price tries to recover its confidence, Bhutan’s BTC balance continues its slow march toward “remember when?” status.

*This is not financial advice.