The government of Bhutan has transferred over $100 million worth of Bitcoin (BTC), raising concerns about a potential sell-off that could add downward pressure to the market. The move on September 18 involved shifting 913 BTC to two new wallets.
Despite this large transfer, Bhutan’s sovereign wealth fund still holds more than $1.1 billion in Bitcoin, making it one of the largest national holders of the cryptocurrency. The country has been accumulating its BTC reserves through state-backed mining operations that utilize its abundant hydroelectric power.
This recent activity is the first from the wallet in a month and follows a similar $92 million transfer in August. The timing of this latest move, along with a recent interest rate cut by the U.S. Federal Reserve, has prompted speculation among market observers. The article notes that if Bhutan were to liquidate its entire holdings, it could flood the market with over $1 billion in selling pressure.
Bhutan ranks as the fifth-largest known nation-state holder of Bitcoin, behind the United States, China, the United Kingdom, and Ukraine. Unlike many countries that acquire Bitcoin through criminal seizures, Bhutan’s holdings are a result of its long-term mining strategy.
September 2025, Cryptoniteuae
