The Royal Government of Bhutan has moved another portion of its bitcoin (BTC) reserves, transferring roughly 319.7 BTC ($22.68 million) to two addresses on Thursday, according to onchain data.

Blockchain analysis provider Onchain Lens, citing Arkham data, flagged that Bhutan transferred roughly 250 BTC to a wallet reportedly used to move funds for sale via Galaxy Digital and OKX. Another 69.7 BTC was sent to a new, unmarked address.

Arkham noted in a post on X that the Bhutanese government has moved $215.7 million worth of bitcoin out of its holding addresses so far this year, with $162.6 million transferred to unlabeled wallets.

Following the latest transfers, Bhutan currently holds 3,954 BTC, worth about $280.6 million. At its peak, the country held roughly 13,000 BTC in October 2024. Druk Holding and Investments Ltd., the nation's sovereign wealth fund, manages the bitcoin assets for the government.

The purpose of the latest transactions remains unclear, though such activities are often tied to potential asset sales. The Block has reached out to Druk Holding for comment.

Bhutan historically built its bitcoin holdings through hydropower-backed mining operations. However, speculation has emerged that the government might have halted mining, as its last bitcoin inflow exceeding $100,000 was recorded over a year ago, according to Arkham.

Bitcoin fell 1.3% over the past 24 hours to trade at $70,859 as of 2:30 a.m. ET Thursday, according to The Block's price page. The world's largest cryptocurrency previously reached an all-time high near $124,900 in October 2025.