Crypto19 March, 20261 min read
Bhutan Sells 70% of Bitcoin Holdings, Reducing Stash to 3,954 BTC
Bhutan sold about 70% of its Bitcoin, shrinking holdings from ~13,000 to ~3,900 BTC. Offload occurred over roughly 18 months with substantial 2026 outflows.
Bhutan Sells 70% of Bitcoin
Bhutan has sold approximately 70% of its bitcoin holdings over the past 18 months. 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. 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.