Key Takeaways
- The Kingdom of Bhutan has slashed its Bitcoin reserves from approximately 13,000 BTC to just 3,774 BTC since October 2024
- State-controlled wallets have transferred more than $233 million in Bitcoin during 2026
- No significant mining inflows exceeding $100,000 have been detected in Bhutan’s wallets for over 12 months
- Druk Holding and Investments, managing Bhutan’s sovereign assets, has declined to provide public statements
- The Himalayan nation stands alone among sovereign Bitcoin holders in actively liquidating its position
The government of Bhutan has offloaded approximately 70% of its Bitcoin portfolio since reaching peak holdings of nearly 13,000 BTC in October 2024. Current reserves sit at roughly 3,774 BTC, representing a market value of about $272.5 million.
According to blockchain intelligence firm Arkham Intelligence, Bhutan’s Royal Government transferred an additional 250 BTC—valued at approximately $18 million—to a freshly established wallet address this week. This transaction followed a Thursday movement of roughly 319.7 BTC worth $22.68 million.
Cumulatively, the kingdom has relocated more than $233 million worth of Bitcoin from its identified treasury addresses throughout 2026. Approximately $162.6 million flowed into unidentified wallets, while remaining funds moved through addresses historically associated with liquidations via Galaxy Digital and OKX exchange platforms.
Bhutan’s cryptocurrency accumulation stemmed from a hydroelectric-powered mining initiative operated under Druk Holding and Investments, the nation’s sovereign investment vehicle. The program leveraged abundant renewable energy resources to mine Bitcoin while bypassing conventional banking systems.
Evidence Points to Mining Shutdown
Blockchain monitoring reveals no Bitcoin deposits exceeding $100,000 have entered Bhutan’s tracked addresses for more than twelve months. This pattern strongly indicates the mining program has either dramatically scaled back or ceased operations completely.
Druk Holding and Investments has remained silent despite numerous inquiries from journalists, ignoring email correspondence and phone attempts throughout the past week.
The profitability landscape for Bitcoin mining has fundamentally transformed. During Bhutan’s peak mining period, Bitcoin prices exceeded $90,000 while network difficulty remained comparatively moderate. Today, Bitcoin hovers around $72,000 amid record-high mining difficulty levels.
The halving event further reduced block rewards to just 3.125 BTC per block. Combined, these market conditions have squeezed profit margins for smaller-scale mining enterprises.
Another consideration involves electricity export opportunities—selling surplus hydropower to India may now yield superior returns compared to powering cryptocurrency mining infrastructure.
Institutional Buyers Continue Accumulating
Bhutan’s divestment strategy contrasts sharply with behavior among other major stakeholders. Strategy recently acquired 4,871 BTC for $330 million last weekend, expanding its total position to 766,970 BTC.
U.S.-based spot Bitcoin exchange-traded funds accumulated approximately 50,000 BTC throughout March alone. Meanwhile, the Ethereum Foundation staked $93 million in Ether within a 24-hour period rather than liquidating assets.
Bhutan represents the sole sovereign entity currently engaged in visible Bitcoin position reduction.
Bitcoin was trading above $72,000 at press time, registering gains exceeding 1.3% over the preceding 24-hour period. The cryptocurrency remains roughly 43% beneath its peak valuation of approximately $126,000 achieved in October 2025.
Bhutan’s residual 3,774 BTC holding now amounts to less than Strategy’s typical weekly purchase volume.
