BroadChain has learned that on April 11, the Bhutanese government transferred approximately 319.7 BTC (worth around $22.68 million) to two addresses. This included a movement of 250 BTC to a wallet previously used to channel funds to Galaxy Digital and OKX.
Bhutan's Bitcoin reserves have seen a significant drawdown, falling from roughly 13,000 BTC in October 2024 to the current holding of 3,954 BTC. Valued at approximately $280.6 million, this represents a 70% reduction over an 18-month period.
Since the beginning of 2026 alone, Bitcoin worth $215.7 million has been moved out of the kingdom's known holding addresses.
Furthermore, Bhutan's national mining pool has not registered any Bitcoin inflows exceeding $100,000 for over a year. This inactivity suggests that its once-active, hydropower-backed Bitcoin mining operations may have significantly slowed or halted entirely.