Bhutan Sells 70% of Bitcoin Holdings Over 18 Months

Bhutan is slowly stepping back from its big Bitcoin bet. Over the past 18 months, the country has sold around 70% of its Bitcoin holdings, according to a report by CoinDesk. Data from Arkham shows that Bhutan once held about 13,000 BTC in October 2024. 

Today, that number has dropped to around 3,954 BTC. It is worth roughly around $280 million. The Royal Government of Bhutan has moved about $215.7 million worth of Bitcoin out of government linked wallets in 2026 alone. These steady sales suggest the country has been slowly reducing its position over time.

Bhutan Built Bitcoin Holdings Through Mining

Bhutan’s journey with Bitcoin was very unique. Instead of buying Bitcoin, the country mined it using hydropower. This approach helped Bhutan turn excess renewable energy into digital assets. Over time, the country built one of the largest Bitcoin reserves held by a government.

The mining operation was managed by its sovereign wealth fund, Druk Holding and Investments. At its peak, Bhutan’s Bitcoin holdings reached around 13,000 BTC. This made it one of the few countries actively involved in crypto mining at a national level.

Sales Increase as Holdings Drop

Since late 2024, Bhutan has been steadily selling its Bitcoin. Arkham data shows a clear drop in holdings over time. Recent transactions also support this trend. On April 10, Bhutan moved around 250 BTC. It is worth about $18 million to a wallet linked to past sales. Another 69 BTC was sent to a separate address.

These transfers are part of a larger pattern. Over the past months, funds have been moved to wallets often used for selling through platforms like Galaxy Digital and OKX. So far, there has been no official statement from Bhutan explaining these sales.

Signs Mining Activity May Have Stopped

While there are signs that Bhutan’s mining operations may have slowed or even stopped. Arkham data shows that the country has not recorded any major mining inflows for over a year. In fact, no inflow above $100K has been seen during this period. 

This suggests that Bhutan may no longer be generating new Bitcoin from mining. Instead, it appears to be selling from its existing reserves.  There could be several reasons for this shift. It now needs more power, better machines and higher costs. Also, after the recent Bitcoin halving, mining rewards became smaller. So, profits have dropped. 

Strategy May Reflect Economic Decisions

Bhutan’s decision may come down to simple economics. Mining companies can also sell the same hydropower they use for mining to nearby countries like India. This may now offer a more stable income. In addition, Bitcoin prices have moved lower from previous highs. Combined with rising mining difficulty, this may have reduced profits further. 

While Bhutan is selling, many other large players are doing the opposite. Some institutions and funds continue to buy and hold Bitcoin. For now, the country still holds nearly 4,000 BTC. This is a large amount. But its actions show a clear shift. In simple terms, Bhutan is moving from being a Bitcoin builder to a Bitcoin seller.

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