Bhutan moves $11.8M in BTC from its national stash: Arkham
Bhutan has accumulated around 13,000 Bitcoin since launching state-backed mining operations in 2019, primarily fueled by hydroelectric energy.
Bhutan, one of the world’s largest nation-state Bitcoin holders, has just moved 175 Bitcoin from its main holding address as cryptocurrency markets posted modest gains on Monday.
Data from the blockchain analytics platform Arkham shows that the South Asian country moved $11.85 million worth of BTC to an address created a month ago, which had previously received 184 Bitcoin from the government.
The 175 Bitcoin are still at the address as of Tuesday, according to blockchain data. However, the previous transfer of 184 was sent to a third address, which has received a total of 1,910 Bitcoin since 2024 and currently holds 126.