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Bhutan moves $72M in Bitcoin as sovereign holdings continue to decline

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BTC transfers from DHI-linked wallets.

Bhutan has transferred roughly $72.3 million in Bitcoin over the past 24 hours, continuing a steady pattern of trimming its sovereign holdings.

Summary

  • Bhutan transferred roughly $72.3 million in Bitcoin over 24 hours, with Druk Holding and Investments moving more than 973 BTC across multiple transactions.
  • Holdings have declined to over 4,400 BTC from a peak of 13,295 BTC in October 2024, as the country continues periodic sales from its sovereign reserve.

According to Arkham Intelligence data, Druk Holding and Investments, which manages the country’s crypto mining and treasury operations, has moved more than 973 BTC. The latest transfers come as Bhutan has continued to offload portions of its Bitcoin reserves in measured intervals.

BTC transfers from DHI-linked wallets.
BTC transfers from DHI-linked wallets | Source: Arkham Intelligence.

DHI’s last major transfer was flagged on March 10, when it moved more than 175 BTC worth around $11.8 million.

Arkham noted that the country periodically sells Bitcoin in clips of $5 million to $10 million, but current transfers appear larger in scale compared to the activity seen around September 2025.

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After the current transfers, Bhutan now holds more than 4,400 BTC, valued at over $322 million based on current market prices.

At its peak, Bhutan held 13,295 BTC in October 2024 and has since gradually reduced its holdings through a series of on-chain transfers.

Bhutan’s Bitcoin play

Bhutan has outlined a Bitcoin Development Pledge aimed at supporting the Kingdom of Bhutan’s long-term economic development through its mining operations and strategic reserves. Meanwhile, it has also committed to deploying part of its Bitcoin holdings toward the development of the Gelephu Mindfulness City.

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Further, Arkham added that Bhutan-linked wallets have not recorded inflows greater than $100 million over the past year. Many in the crypto community are now speculating that the country may have scaled back or ceased its mining operations.

However, there’s been no confirmation of any halt in mining activity.

Early reports suggest the country has been using renewable energy sources, particularly hydroelectric power, to sustain its Bitcoin mining operations.

The latest transfers come as the Bitcoin price has dropped over 4.5% in the last 24 hours, falling below the $71,000 mark as investors reacted to hotter-than-expected inflation concerns in the US. 

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Large-scale selling from sovereign entities like Bhutan could further exacerbate downward pressure on the asset, especially as the market remains sensitive to signs of reduced institutional conviction and potential sell-side liquidity from major holders.

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Crypto World

US Treasury To Give Crypto Industry Cybersecurity Intelligence at ‘No Cost’

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United States, Cybercrime, Cybersecurity, Hacks

The US Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) announced on Thursday that it is expanding its cybersecurity threat identification program to include digital asset companies.

Blockchain companies that choose to take part in the program will receive the same cybersecurity threat intelligence provided to traditional financial institutions at “no cost,” according to the Treasury’s announcement.  

“Cyber threats targeting digital asset platforms are growing in frequency and sophistication,” Cory Wilson, the deputy assistant secretary for cybersecurity at the OCCIP, said. 

United States, Cybercrime, Cybersecurity, Hacks
Losses from crypto hacks between 2022 and 2025. Source: TRM Labs

The initiative fulfills policy recommendations from US President Donald Trump’s administration, outlined in its July 2025 report, titled “Strengthening American Leadership in Digital Financial Technology.” 

Cointelegraph reached out to the Department of the Treasury but did not receive a response by the time of publication.

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The initiative reflects the ongoing challenge of countering evolving cybersecurity threats impacting blockchain protocols and their users, as financial losses from decentralized finance (DeFi) platform hacks alone reached nearly $169 million in the first quarter of this year. 

Related: Google Threat Intel flags ‘Ghostblade’ crypto-stealing malware

Foreign intelligence operatives continue infiltrating crypto projects and companies

Crypto projects and users are increasingly subject to evolving cybersecurity threats, which can be carried out by social engineering or infiltration by state-affiliated hackers, including the North Korean-linked Lazarus Group.

Drift Protocol, a decentralized cryptocurrency exchange, suffered a $280 million exploit this month at the hands of suspected North Korean-affiliated hackers.

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The Drift team physically met the malicious actors at a “major” crypto industry conference and interacted with them for months after the initial meeting, according to a preliminary incident report from Drift Protocol.

United States, Cybercrime, Cybersecurity, Hacks
Source: Nic Puckrin

During the months-long interaction, the hackers deployed crypto-stealing malware on the Drift team’s developer machines, which was activated in the April exploit.

The individuals who first approached the Drift team at the industry conference were not North Korean nationals, according to the report.

The Seals911 team, a group of blockchain cybersecurity specialists, said with “medium-high confidence” that the attack was likely carried out by the same hacker group responsible for the October 2024 hack of the Radiant Capital DeFi platform.

Magazine: Lazarus Group’s favorite exploit revealed — Crypto hacks analysis

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