Full story
Bhutan Sells 70% of Bitcoin
Bhutan has sold approximately 70% of its bitcoin holdings over the past 18 months.
“Bhutan has quietly sold about 70 percent of the roughly 13,000 bitcoin it held in October 2024”
Holdings dropped from roughly 13,000 BTC to 3,954 BTC worth about $280.6 million.
The Royal Government transferred roughly 319.7 BTC worth $22.68 million to two addresses.
Arkham data shows $215.7 million moved out this year alone.
Bhutan is the only sovereign-level holder visibly liquidating.
Mining Operation Appears Halted
Bhutan's bitcoin was accumulated through a hydropower-backed mining operation.
Arkham data shows Bhutan's last bitcoin inflow exceeding $100,000 was recorded more than a year ago.
Druk Holding has not responded to multiple inquiries.
Bitcoin traded above $90,000 when the operation was viable.
Now trades near $71,000 with network difficulty at all-time highs.
Sovereign Experiment Unwinds
Bhutan's bitcoin experiment was one of the most unusual sovereign ventures.
“Bhutan's Bitcoin holdings plummeted from approximately 13,000 BTC to 3,654 BTC by April 2026”
The IMF noted Bhutan's Royal Monetary Authority acquired $539 million in DHI securities.
The liquidation underscores the economic strain on small-scale state bitcoin mining.
Bhutan's remaining 3,954 BTC is now smaller than what Strategy purchases in a typical week.