Bhutan makes second Bitcoin transfer in a week, worth $22M

The Kingdom of Bhutan, through its sovereign investment vehicle, Druk Holding and Investments (DHI), has executed a second substantial Bitcoin (BTC) transfer this week, moving approximately $22 million worth of the cryptocurrency. This movement signals continued active management of its digital asset portfolio.

Blockchain analysis confirmed that the large transfer occurred just days after an initial, similarly sized transaction earlier in the week. While the exact purpose of the transfers—whether selling, rebalancing, or moving funds into different custody solutions—remains undisclosed, the frequency and size of the movements indicate significant strategic activity.

Bhutan first gained notoriety for its quiet accumulation of cryptocurrency in 2023, when details emerged that DHI had been mining and holding assets, including Bitcoin and Ethereum, since at least 2020. DHI often utilizes market downturns to increase its holdings, making these recent outbound transfers particularly notable as they occur during a period of relative market strength.

Analysts are watching the transfers closely, as consistent large movements by a sovereign entity like DHI can sometimes influence short-term market sentiment, though the total volume remains relatively minor compared to global daily trading figures.

Source: Bhutan makes second Bitcoin transfer in a week, worth $22M