Key Highlights
- The Himalayan kingdom has slashed its Bitcoin portfolio from approximately 13,000 BTC to just 3,774 BTC since October 2024
- Over $233 million in Bitcoin has been transferred from government-controlled addresses throughout 2026
- No significant mining deposits (exceeding $100,000) have been recorded in Bhutan’s wallets for over twelve months
- Druk Holding and Investments, managing Bhutan’s sovereign wealth, has remained silent on the liquidation strategy
- The nation stands alone among sovereign Bitcoin holders in actively reducing its position while institutional buyers accumulate
The government of Bhutan has liquidated approximately 70% of its Bitcoin reserves from peak levels recorded in October 2024, when the treasury held nearly 13,000 BTC. Current holdings have dwindled to roughly 3,774 BTC, valued at about $272.5 million at present market prices.
This week, the Royal Government of Bhutan transferred an additional 250 BTC—approximately $18 million—to a freshly established wallet address, based on tracking data from Arkham Intelligence. This transaction came shortly after a Thursday movement of roughly 319.7 BTC valued at $22.68 million.
Throughout 2026 to date, Bhutan has shifted more than $233 million worth of Bitcoin from its documented treasury wallets. Approximately $162.6 million flowed to unidentified addresses, while remaining transfers went to wallets associated with previous transactions through Galaxy Digital and OKX exchange platforms.
The nation’s Bitcoin reserves were built through a hydroelectric-powered mining initiative operated by Druk Holding and Investments, which manages the country’s sovereign investment portfolio. This program leveraged abundant renewable energy resources to mine Bitcoin independently of conventional banking systems.
Evidence Points to Mining Shutdown
Blockchain analytics from Arkham reveal zero Bitcoin deposits above the $100,000 threshold entering Bhutan’s documented addresses for more than a year. This data strongly indicates the mining program has either dramatically scaled back or ceased operations completely.
Druk Holding and Investments has ignored numerous outreach attempts from journalists, failing to respond to emails and phone inquiries sent over recent weeks.
The financial landscape for Bitcoin mining has fundamentally transformed. During Bhutan’s peak mining period, Bitcoin commanded prices exceeding $90,000 while network difficulty remained comparatively modest. Today, Bitcoin hovers around $72,000 while mining difficulty has reached unprecedented levels.
The April 2024 halving event reduced block rewards to 3.125 BTC, further squeezing profitability for smaller-scale operations.
An additional consideration: exporting hydroelectric power to India’s energy-hungry market may now deliver superior returns compared to powering Bitcoin mining infrastructure.
Institutional Buyers Continue Accumulating
Bhutan’s aggressive liquidation creates a stark contrast with prevailing market behavior among other major stakeholders. Strategy acquired 4,871 BTC for $330 million during the previous weekend, expanding its total position to 766,970 BTC.
U.S.-based spot Bitcoin exchange-traded funds collectively absorbed approximately 50,000 BTC throughout March. The Ethereum Foundation deployed $93 million worth of Ether into staking rather than liquidating assets.
Among sovereign-level entities, Bhutan currently represents the only visible seller actively reducing its Bitcoin position.
Bitcoin was trading above $72,000 as of this writing, registering gains exceeding 1.3% over the prior 24-hour period. The cryptocurrency remains approximately 43% below its record peak of roughly $126,000, established in October 2025.
Bhutan’s remaining 3,774 BTC portfolio now represents less than Strategy’s typical single-week purchase volume.
