Arkham data shows Bhutan’s bitcoin stash down to 3,954 BTC after fresh 2026 outflows

Bhutan’s bitcoin holdings have fallen to 3,954 BTC as of April 2026, down from roughly 13,000 BTC in October 2024, based on Arkham Intelligence-labeled wallets. New 2026 transfers, including a Thursday move of about 319.7 BTC, add a concrete, trackable sovereign sell-flow as on-chain mining inflows appear to have gone quiet.

Key Takeaways

• Bhutan’s holdings were tracked at 3,954 BTC in April 2026, down from roughly 13,000 BTC in October 2024, with the remaining stash valued around $280.6 million at the time cited.
• Bitcoin outflows from Bhutan-linked holding addresses totaled about $215.7 million in 2026 year-to-date, including $162.6 million sent to unlabeled wallets.
• A Thursday transfer of roughly 319.7 BTC split between a known sale-routing path (~250 BTC) and a new, unmarked (~69.7 BTC).
• No Bhutan-linked BTC inflow above $100,000 has been recorded for more than a year, and Druk Holding and Investments has not publicly commented on the transfers or mining status.

Bhutan’s Sovereign BTC Stash Shrinks to 3,954 BTC as Outflows Continue

Bhutan’s sovereign bitcoin position has moved from a niche “state miner” narrative into a measurable distribution story. Arkham Intelligence-labeled wallets tied to Bhutan showed holdings of 3,954 BTC as of April 2026, down from roughly 13,000 BTC in October 2024. The remaining balance was valued at about $280.6 million at the time cited.

The drawdown is not just historical. Arkham data also shows about $215.7 million in BTC moved out of Bhutan’s holding addresses in 2026 year-to-date, with $162.6 million of that routed to unlabeled wallets. For traders, that mix matters: it’s a visible sovereign source of supply, but with uncertain endpoints that can later resolve into exchange or custodian labels.

The 319.7 BTC Thursday Transfer and the Galaxy Digital/OKX Sale Route

A fresh transfer on Thursday put the sell-flow back on the tape. Arkham tracked roughly 319.7 BTC (about $22.68 million) moving from Bhutan-linked addresses to two destinations.

About 250 BTC went to a wallet that has previously been used to route funds for sale via Galaxy Digital and OKX. That history turns the move into something more actionable than generic “whale activity,” because it points to a known path that has connected to market liquidity before. The remaining ~69.7 BTC was sent to a new, unmarked address, leaving the intent and eventual venue unclear.

Mining Inflows Go Quiet: The On-Chain Clue and What’s Not Confirmed

The other signal is what has not shown up on-chain. Arkham data indicates Bhutan’s last BTC inflow exceeding $100,000 occurred more than a year before April 11, 2026. That supports, but does not prove, the idea that the hydropower-backed mining operation that originally built the stash has slowed or halted.