According to Arkham Intelligence data, the monarchy relocated 600 BTC on Monday, March 25, marking its first such action since mid-February, and reducing its national reserves to 10,070 BTC, valued at $879 million.

Bitcoin.com News previously noted Bhutan’s holdings in a comparative analysis, revealing that North Korea’s BTC reserves exceed Bhutan’s. At the time of that report, Druk Holdings, the nation’s sovereign wealth entity, held 10,635 BTC.

Bhutan’s asset managers initiated the process with a pair of microtransactions—first transferring 0.00100000 BTC, followed by a nearly identical sum—before consolidating the 600 BTC into one of the trial wallets.

Royal Government of Bhutan (Druk Holdings) bitcoin stash as of March 24, 2025, according to Arkham Intelligence.

As of 10 a.m. ET on March 24, the funds remain in this address. Despite the move, Bhutan still ranks as the fourth-largest sovereign holder of bitcoin ( BTC), trailing the U.S., the U.K., and North Korea.

Meanwhile, the Lazarus Group, a cybercriminal collective holding 13,332 BTC as of this writing, continues to reallocate its cryptocurrency holdings. In contrast, Bhutan’s recent BTC activity suggests a calculated, deliberate strategy for managing digital assets, balancing prudence with geopolitical nuance.

The 600 BTC transfer may support public sector salaries or healthcare enhancements, as outlined by Prime Minister Tshering Tobgay. Unlike other nation states that have acquired BTC through criminal seizures, Bhutan mines the leading crypto asset using its vast hydro-power initiatives.

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