Bhutan Sells $72M in BTC, National Bitcoin Reserves Shrink

• Bhutan moved over $72.3 million in Bitcoin in 24 hours, continuing a pattern of gradual reserve reductions.
• The country’s holdings have dropped from over 13,000 BTC in 2024 to about 4,400 BTC today.
• The sell-off comes amid a broader market downturn and declining on-chain inflows, raising questions about mining activity and long-term strategy.

---

The Kingdom of Bhutan has transferred more than $72.3 million worth of Bitcoin over the past 24 hours, continuing a broader trend of reducing its national crypto holdings amid ongoing market volatility.

According to data from Arkham Intelligence, Druk Holding and Investments (DHI), Bhutan’s state-owned investment arm overseeing its Bitcoin mining and crypto strategy, moved over 973 BTC across six separate transactions. The activity follows an earlier transfer of 175 BTC, valued at $11.8 million, on March 10.

Arkham noted that Bhutan has been systematically selling portions of its Bitcoin reserves in batches ranging between $5 million and $10 million, with a particularly active period of selling observed in mid to late September 2025.

Following the latest transfers, Bhutan’s Bitcoin holdings now stand at just over 4,400 BTC, valued at approximately $322 million. This marks a sharp decline from its peak holdings of around 13,295 BTC in October 2024.

From Peak to Pullback

Bhutan’s Bitcoin reserve had previously positioned the country as one of the more notable sovereign holders of the asset. At its peak in October 2024, the reserve would have been valued at over $1.6 billion based on Bitcoin’s all-time high of approximately $126,000 reached in October 2025.

However, the subsequent market downturn significantly impacted valuations. Bitcoin fell to lows near $60,000 following the crash, before recovering to current levels around $70,500.

The reduction in Bhutan’s holdings suggests a strategic shift, though the exact rationale behind the ongoing sales has not been publicly detailed by officials.

Mining Activity Under Scrutiny

Data from Arkham also indicates that wallet addresses associated with Bhutan have not recorded Bitcoin inflows exceeding $100 million in over a year. This has led to speculation that the country may have scaled back or paused its Bitcoin mining operations.

Bhutan had previously drawn attention for its approach to Bitcoin mining, leveraging renewable energy sources and integrating digital assets into its broader economic strategy.

The country also introduced a national Bitcoin Development Pledge, aimed at using its crypto reserves to support long-term economic initiatives. In December, Bhutan announced plans to allocate 10,000 BTC toward the development of the Gelephu Mindfulness City, a proposed special administrative region.

Strategic Rebalancing or Market Pressure

Bhutan’s continued Bitcoin sales come against the backdrop of a broader crypto market downturn that began after the October 2025 peak. The government had already transferred more than 284 BTC in February, valued at over $22 million, indicating that the recent activity is part of an ongoing trend rather than an isolated move.

While it remains unclear whether Bhutan is actively rebalancing its reserves or responding to market conditions, the steady outflows highlight how sovereign crypto strategies may evolve in response to volatility.

---

Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.

Interested in advertising with CIM? Talk to us!