The Royal Government of Bhutan has transferred 533 BTC (worth $34.5 million) to Binance in several batches, according to onchain data from Arkham. This latest move from its state investment arm, Druk Holding & Investments, points toward continued liquidation and follows over $230 million in outflows since early 2026.
Bhutan’s public crypto holdings have now fallen to 1,749.96 BTC (valued at roughly $113.7 million) – a massive decline from its October 2024 peak of 13,000 BTC.
Bhutan's government has not officially commented on whether it is fully cashing out its reserves. To track Bhutan goverment’s wallets: https://arkm.com/explorer/entity/druk-holding-investments
