Bhutan Moves 800 Bitcoin Worth $92M as BTC Price Dips

The Royal Government of Bhutan has transferred nearly 800 BTC to new wallets, sparking speculation about a possible sale. Blockchain analytics firm Arkham reported that Bhutan moved 799.69 BTC, valued at about $92.06 million, to two new wallets on August 18, 2025. The transfer was executed precisely at 10:26:37 UTC. This marks the third transaction by Bhutan in August. On August 5, the government shifted 517 BTC to an unknown wallet. Later, on August 7, Arkham confirmed that the coins were sent to a Cobo Hot Wallet at an average price of $116,557 and were destined for sale. Cobo acts as a trusted custodian of Bhutan’s BTC.

Possible Sale Through Binance? Onchain Lens, another tracking platform, suggested the latest transfer may be headed for Binance. However, Bhutanese authorities have not confirmed any intention to sell. The repeated transactions have fueled speculation in the crypto community that the country could be reducing its reserves. The transfers come as Bitcoin struggles to sustain its gains after reaching a record $124,474 on August 14, 2025. The token has since retreated, trading at $115,415, down 2.51% in 24 hours and nearly 4% over the week. Bhutan Remains a Top Bitcoin Holder Despite the recent transfers and market volatility, Bhutan still holds about 9,969 BTC, valued at roughly $1.15 billion. This places the country as the sixth-largest nation-state holder of Bitcoin, behind the United States (198,022 BTC), China (190,000 BTC), the United Kingdom (61,245 BTC), Ukraine (46,351 BTC), and North Korea (13,562 BTC). A Different Path to Bitcoin Reserves Bhutan’s place in this ranking is notable not just for the size of its holdings but also for how they were accumulated. While other governments mainly obtained Bitcoin through seizures or confiscations, Bhutan built much of its reserves through mining. On-chain data links this activity to Ant Pool, with operations powered by the nation’s hydroelectric resources. This mining-based approach sets Bhutan apart from other state holders.