The Royal Government of Bhutan has moved another chunk of its bitcoin reserves, transferring roughly 319.7 BTC ($22.68 million) to two separate addresses on Thursday, according to onchain data cited by Arkham Intelligence.

Where the bitcoin went

Blockchain analysis provider Onchain Lens flagged that around 250 BTC was sent to a wallet previously used to route funds for sale via Galaxy Digital and OKX.

Another 69.7 BTC went to a new, unmarked address.

Arkham noted that Bhutan has moved $215.7 million worth of bitcoin out of its holding addresses so far this year, with $162.6 million of that transferred to unlabeled wallets.

Holdings now 70% below peak

Following the latest transfers, Bhutan currently holds 3,954 BTC worth about $280.6 million.

At its peak, the country held roughly 13,000 BTC in October 2024—meaning current holdings sit roughly 70% below that high.

Druk Holding and Investments Ltd., the nation’s sovereign wealth fund, manages the bitcoin assets on behalf of the government.

The purpose of the latest transactions remains unclear, though such movements are often tied to potential asset sales.

The Block has reached out to Druk Holding for comment.

Mining activity appears to have stalled

Bhutan historically built its bitcoin reserves through hydropower-backed mining operations.

However, speculation has grown that the government may have halted mining activity, as its last bitcoin inflow exceeding $100,000 was recorded over a year ago, according to Arkham.