The Royal Government of Bhutan transferred 10.779 bitcoin worth about $835,000 to two newly created wallet addresses, a move detected on-chain by tracking platform Onchain Lens without any public explanation of its purpose or destination. The amount is small beside earlier state-linked flows of roughly 490.87 BTC valued near $32.74 million, including a 485 BTC transfer, after which some reporting put remaining holdings near 967 BTC. Fresh public estimates instead place Bhutan’s reserves above 13,000 BTC, largely accumulated since at least 2021 through Druk Holding and Investments mining powered by hydropower rather than seizures or open-market buying. Analysts say splits into new addresses can precede custody changes, cold and hot wallet rebalancing, or over-the-counter preparation, though any reading remains speculative and the size is unlikely to move bitcoin’s deep daily market.