[DigitalToday reporter Yoonseo Lee] Bhutan transferred 90 bitcoin (BTC) to a new address, taking the value of bitcoin it has moved outside this year to more than $237 million.

Cryptopolitan, a blockchain media outlet, reported on May 25 (local time) that the transferred amount was worth about $7 million. It moved to a SegWit address different from the main wallet group that has held its sovereign holdings.

The key question is where the funds went. Arkham on-chain data showed the amount moved to an address separate from the three P2SH wallet clusters where Bhutan has mainly stored bitcoin. The market is therefore placing more weight on a possible sale or third-party transfer than a simple internal reshuffle.

Bhutan’s bitcoin holdings have in fact been steadily declining. Arkham data showed Druk Holdings’ bitcoin holdings have fallen by about 10,000 BTC from a peak of about 13,390 BTC in October 2024. Its current holdings were estimated at about $233.18 million.

The transfer extends a pattern seen this year. Bhutan has moved small amounts several times in the same way. On April 29 it transferred 100 BTC from its holding wallet, and the cumulative amount moved since January was estimated at $206.98 million at the time. On April 11, 319.7 BTC left a wallet, and about 250 BTC of that was reported to have moved to a wallet with a record of funds flowing to Galaxy Digital and OKX.

Arkham also said in a May 25 post on X, formerly Twitter, that Bhutan moved 90 BTC, about $7 million, to a SegWit address, suggesting the possibility of a transfer to a separate entity or a sale. It also said the value of bitcoin moved to SegWit addresses since early this year totals $237.39 million, while current holdings stand at $233.18 million. Some in the market are also projecting that if this pace continues, Bhutan could unwind most of its sovereign bitcoin position before year-end.

Bhutan’s case, however, starts from a different point than typical state holdings. While other countries have accumulated bitcoin through seized assets or treasury purchases, Bhutan has built reserves through mining based on hydropower. The operation has been reported to be managed by Druk Holding and Investments.

Some have argued this structure has recently become a burden. Unlike when bitcoin traded above $90,000 and mining difficulty was lower than now, block rewards fell to 3.125 BTC after the 2024 halving and competition has intensified. Bitcoin has also faced heavier selling pressure this year and, as of May 25, was trading in the $77,000 range, down about 12 percent since the start of the year.

There are also projections that Bhutan could earn more by exporting hydropower electricity to neighboring countries than by mining bitcoin. The view is that continuing mining under current conditions raises the risk of losses. Druk Holding and Investments, however, did not issue a public position on the transfer or the status of its mining infrastructure operations.

The crypto market, along with this, showed some signs of stability despite conflict between the United States and Iran. Major cryptocurrencies generally rose slightly over the past day, and bitcoin recovered the $77,000 level after sliding to the $75,000 range last week. Whether Bhutan’s additional transfer led to an actual sale, and whether it will maintain its mining-centered strategy, are expected to be key points for the market to watch for now.

IS BHUTAN SELLING BITCOIN? Bhutan just moved 90 BTC ($7M) to a Segwit address which may indicate a transfer of BTC to a separate entity or sale. They’ve moved $237.39M of BTC from their wallets to Segwit addresses since the start of this year, and currently hold $233.18M BTC. pic.twitter.com/cch0Dc2mqu