Bhutan has drawn attention in the crypto market after moving 90 BTC, worth about $7 million, to a SegWit wallet. This has fuelled speculation that the country may be slowly selling some of its Bitcoin reserves.
Arkham Intelligence, a blockchain analytics platform, reported that the transfer went to a wallet different from Bhutan’s usual long-term storage. Analysts say such moves can signal preparations for sales or transfers to outside parties.
Arkham’s data shows Bhutan has moved almost $237 million in Bitcoin to SegWit addresses since the start of the year. The country now holds about 3,021 BTC, worth roughly $233 million.
Bhutan became well known in crypto after reports showed it built large Bitcoin reserves through state-backed mining powered by hydroelectric energy. In late 2024, the country reportedly held nearly 13,390 BTC.
Analysts now think Bhutan may have sold a large part of its holdings over the past year as Bitcoin prices rose. However, the Bhutanese government has not confirmed any sales.
These repeated fund movements have led to more speculation that Bhutan might be using Bitcoin profits for economic management, diversification, or public funding.
Bhutan is still one of the few countries publicly linked to large-scale Bitcoin mining and reserves, so its wallet movements are closely watched in the crypto market.
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
— Arkham (@arkham) May 25, 2026
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