BHUTAN CASHING OUT BITCOIN HOLDINGS, SELLING 70% IN 18 MONTHS

Bhutan has quietly sold approximately 70% of its bitcoin holdings over the past 18 months, marking a significant reversal of the Himalayan kingdom’s cryptocurrency strategy. The nation’s bitcoin reserves have declined from roughly 13,000 BTC in October 2024 to approximately 3,954 BTC, currently worth about $280.6 million.

The sell-off has intensified dramatically in 2026 alone, with $215.7 million in bitcoin transferred out of government-linked wallets this year. Most notably, Bhutan moved 250 BTC to suspected over-the-counter (OTC) exchange wallets on April 10, with roughly $162.6 million of the year’s outflows directed to unlabeled addresses.

Mining operations appear to have stalled

Beyond the asset sales, evidence suggests Bhutan may have significantly slowed or halted its hydropower-backed bitcoin mining operations. The kingdom’s last recorded mining inflow exceeding $100,000 occurred more than a year ago, indicating a potential cessation of its previously active mining program.

Contrarian move amid broader accumulation

Bhutan’s liquidation strategy stands in stark contrast to the broader cryptocurrency market landscape. Major institutional players like MicroStrategy have been aggressively accumulating bitcoin. The selling has drawn coverage with negative framing, with some outlets characterizing the move as a “nation retreats from bitcoin”.

The Royal Government of Bhutan has not made public statements through its sovereign wealth fund, Druk Holding and Investments, regarding the rationale behind the accelerated sell-off

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