Crypto Brief: Bhutan Offloads 738 Bitcoin Worth $44.88M as Sovereign Drawdown Meets a $60K BTC

Across major exchanges, the Royal Government of Bhutan has shifted another 738 bitcoin worth roughly $44.88 million on June 6, extending a months-long drawdown of the Himalayan kingdom’s state BTC reserves.

Key TakeawaysBhutan’s government moved another 738 BTC worth about $44.88 million on June 6, onchain trackers noted.The transfer extends a 2026 drawdown that has cut state BTC holdings well below their 2024 peak.Analysts tie the sales to funding for the Gelephu Mindfulness City megaproject.

Government-linked wallets have moved bitcoin repeatedly through 2026, with all of the activity managed through Druk Holding and Investments (DHI), the commercial and investment arm of the Bhutanese state, which oversees the country’s bitcoin position.

Bhutan stands out among nation-states for mining and holding bitcoin directly, using its abundant hydropower to run mining operations rather than buying on the open trading market.

That history made it one of the largest sovereign holders of the asset, which is why each drawdown draws scrutiny from onchain analysts tracking state balances.

The move continues a steady cadence, which Bitcoin.com News has covered since last year.

Most recently, Bhutan initiated a transfer of 375 BTC in a single sovereign drawdown while also trimming its treasury in stages, with one earlier transaction taking holdings to 4,452 BTC (after a $36 million move).

Analysts link the sales to Bhutan’s funding needs rather than a loss of faith in the asset.