Bhutan Dumps $36M in Bitcoin-Thailand Plans to Strike $700M! Who’s Winning the Crypto Crown?

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Bhutan Extends <a href="https://jpygbp.com/btc-usd/">Bitcoin</a> Outflows as Thailand Signals Growing Crypto Ambitions

Key Takeaways:

  • Bhutan transferred roughly $36.7 million in Bitcoin, continuing a series of March outflows.
  • Sovereign holdings have declined significantly from over 13,000 BTC in late 2024.
  • Thailand-listed DV8 plans to build a 10,000 BTC portfolio by 2028, signaling corporate accumulation.
  • Bitcoin mining, reserves and custody infrastructure remain central to long-term crypto strategies.

Bhutan Extends Bitcoin Outflows in March

Bhutan recently transferred more Bitcoin from its official digital wallet, continuing a trend of increasing Bitcoin outflows seen throughout March.

According to data from Arkham, roughly 519.7 Bitcoin (worth around $36.7 million) was recently moved to two different digital wallets, one of which is associated with the trading firm QCP Capital. This is the third significant Bitcoin transfer this month, following previous movements totaling over $72 million in mid-March and $11.8 million at the start of the month.

Recent activity shows a clear change in how Bhutan manages its Bitcoin. While only about 284 BTC was moved in February, March saw a significant jump in transactions, indicating a more proactive approach to managing its Bitcoin holdings.

Even though the market’s been down, I noticed Bhutan’s government wallet still has around 4,453 Bitcoin – that’s about $315 million worth right now. It’s a pretty big stash, but it’s worth remembering they held over 13,000 BTC back in October 2024, so it’s definitely come down from its peak.

Sovereign Bitcoin Strategy Remains Intact

Despite selling some of its Bitcoin, Bhutan remains a significant national holder of cryptocurrency.

Based on recent industry data, this country is one of the world’s biggest government holders of Bitcoin, behind only the United States, the United Kingdom, El Salvador, and the Royal Group of the United Arab Emirates.

Bhutan first started using Bitcoin in 2019 by mining it with the power from its plentiful hydroelectric resources. Since then, the country has increased this effort, constructing facilities near rivers fed by glaciers to create cheap, renewable energy specifically for Bitcoin mining.

As an analyst, I’ve been tracking Bhutan’s economic moves, and in 2023, I observed a significant development: their sovereign wealth fund, Druk Holding and Investments, teamed up with Bitdeer, a cryptocurrency mining company. They’re investing $500 million to substantially increase Bitdeer’s mining capacity – a pretty bold move for the country.

Bitcoin Supports Broader Economic Vision

Bhutan’s Bitcoin strategy is closely tied to its broader economic development goals.

The government is considering using its cryptocurrency holdings to pay for important projects, such as building Gelephu Mindfulness City – a new area planned to encourage investment and new ideas.

To further this work, Bhutan is planning to create a cryptocurrency reserve, including digital currencies like Bitcoin, Ether, and BNB. This shows the country’s intention to include digital assets in its future economic strategies.

Corporate Accumulation Signals Diverging Strategy

Bhutan is slowly starting to use its savings, but businesses are actually saving more.

DV8, a company listed on the Thai stock exchange, announced plans to accumulate digital assets worth the equivalent of 10,000 Bitcoin by 2028. They will start by purchasing 1,000 Bitcoin this year.

🚨 JUST IN:

Thailand’s financial agency, with support from the country’s wealthiest family, is preparing to purchase approximately 10,000 units.

THAT’S ROUGHLY $700,000,000 IN BTC 💰

CORPORATE DEMAND IS CRUSHING THE BEARS 🔥

— Crypto Daily Notes (@CryptoDailyNot)

The company recently purchased Rakkar Digital, a digital asset custody platform authorized and overseen by Thailand’s financial regulators.

This purchase makes DV8 the first company authorized to securely store Bitcoin under Thai regulations, demonstrating increased attention to safe and legally compliant Bitcoin storage solutions in Southeast Asia.

This strategy shows that more companies are seeing Bitcoin as a good long-term investment, similar to how they view other valuable assets, despite some governments adjusting their Bitcoin holdings.

The Road Ahead

The different ways Bhutan and DV8 are using Bitcoin show how its applications are changing for various groups of people.

Countries are now more likely to use their savings to boost economic growth, while companies still prioritize building up their assets and improving their foundations.

These trends suggest Bitcoin is becoming a more established market. It’s moving beyond just being seen as something to gamble on and is increasingly being used as a versatile financial instrument – able to function as a long-term store of value or a readily available source of funds, depending on a user’s needs.

This article is for informational purposes only and shouldn’t be considered financial, investment, or trading advice. Coindoo.com doesn’t support or suggest any particular investment or cryptocurrency. Always do your own research and talk to a qualified financial advisor before investing.

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2026-03-25 23:58