The Royal Government of Bhutan has transferred 319.7 Bitcoin, worth about $22.7 million, into two wallets. Blockchain data shows one address is new, while the other has prior links to exchange-related activity.
On-chain data indicates that one wallet may be tied to a crypto exchange. The second wallet connects to earlier transactions involving OKX and Galaxy Digital. These links suggest structured fund movement rather than random transfers.
Also Read: Bhutan Transfers 374.9 BTC as Outflows Accelerate, Stirring Strategy Speculation
Analytics firm Lookonchain reported that the transfer fits Bhutan’s broader selling pattern. The country has been reducing holdings as prices rise. The activity reflects a gradual liquidation strategy over time.
Data from Arkham shows a steady decline in reserves. Bhutan held about 13,000 BTC on October 28, 2024. That figure has now dropped to 3,954 BTC based on tracked wallets.
Most of Bhutan’s Bitcoin came from state-backed mining operations. These operations used hydroelectric power to lower costs. The government reportedly spent around $120 million to mine its holdings.
Bhutan managed to mine a total of 8,200 BTC in 2023. The process made around $265 million worth of revenue. This shows the advantages of inexpensive power for mining activities.
The Bitcoin halving 2024 created significant changes in the industry. Mining became difficult while rewards decreased. As a result, the cost of production rose in all companies.
Bhutan revised its strategy after halving it. They started selling Bitcoin to take care of costs. Funds were spent on improving infrastructure and paying civil services.
As per data from CoinMarketCap, Bitcoin currently trades at $71,174. Prices have fallen by 0.77% over the past 24 hours.
Another company that has adjusted its strategy includes MARA Holdings. Between March 4 and March 25, 2026, the firm sold 15,133 BTC. This equaled $1.1 billion worth of assets.
MARA used the funds to buy back convertible notes. These notes mature on dates in 2030 and 2031. The move lowered its debts by approximately 30%.
Cango Inc. also made some operational adjustments. The firm decreased its mining expense by 19.3% to $68,216 in March. It did so by enhancing its equipment and moving operations.
Cango sold 2,000 BTC for about $143 million. The firm used the funds to pay off its crypto debt. Additionally, the firm is focusing on AI computing infrastructure.
Bhutan continues to be a key player despite making sales. According to data from BitcoinTreasuries.net, Bhutan is the seventh-largest Bitcoin holder among nations. It demonstrates that it still participates in the market.
In December 2025, Bhutan launched a Bitcoin Development Pledge. The initiative allocates up to 10,000 BTC for the Gelephu Mindfulness City project. The officials revealed that the assets might be used as collateral, for yield strategies, or for long-term holding.
Also Read: Cango Cuts Bitcoin Mining Costs 19% While Sell 2,000 BTC in March
