Bhutan Sells 70% of Its Bitcoin Holdings within 18 Months as Bitcoin Mining Seems to Stop

Summary

• Bhutan has decreased its Bitcoin holdings from approximately 13,000 BTC to about 3,774 BTC since October 2024.
• The kingdom has transferred over $233 million worth of Bitcoin from state wallets in 2026 alone.
• Bhutan’s last recorded Bitcoin mining inflow exceeding $100,000 occurred over a year ago.
• Druk Holding and Investments, Bhutan’s sovereign wealth fund, has not issued any public statements.
• Bhutan is the sole sovereign entity observed selling Bitcoin, while others like Strategy are actively purchasing.

(SeaPRwire) –   Bhutan’s government has divested approximately 70% of the Bitcoin it held at its peak in October 2024, when its holdings were close to 13,000 BTC. The country now possesses around 3,774 BTC, valued at approximately $272.5 million.

THE DRAGON KING IS SELLING BITCOIN

The Fifth Dragon King of Bhutan, Druk Gyalpo Jigme Khesar Namgyel Wangchuck, just sold $18M of BTC.

Bhutan has sold approximately $180M Bitcoin since the start of the year. pic.twitter.com/IedWLUK8D0

— Arkham (@arkham) April 10, 2026

According to data from Arkham Intelligence, the Royal Government of Bhutan moved an additional 250 BTC, valued at about $18 million, to a newly established wallet this week. This followed a previous transfer of approximately 319.7 BTC, worth $22.68 million, on Thursday.

In total, Bhutan has moved more than $233 million in Bitcoin from its known holding addresses year-to-date in 2026. Roughly $162.6 million of this amount was directed to unlabeled wallets, with the remainder sent to addresses previously associated with sales through Galaxy Digital and OKX.

Bhutan’s Bitcoin was acquired through a hydropower-backed mining operation managed by Druk Holding and Investments, the nation’s sovereign wealth fund. This operation utilized inexpensive renewable energy to mine Bitcoin without dependence on conventional financial systems.

Mining Operations May Have Ceased

Data from Arkham indicates that no Bitcoin inflows exceeding $100,000 have been recorded in Bhutan’s known addresses for over a year. This suggests that the mining operation may have significantly reduced or entirely halted its activities.

Druk Holding and Investments has not responded to multiple media inquiries, including emails and phone calls made over the past week.

The profitability of Bitcoin mining has changed. When Bhutan’s operation was most active, Bitcoin was trading above $90,000, and network difficulty was lower. Bitcoin is now trading around $72,000, with mining difficulty at record highs.

Furthermore, the block reward following the halving event has been reduced to 3.125 BTC. These combined factors have squeezed profit margins for smaller mining operations.

It is also possible that selling electricity to neighboring India may now yield greater revenue for Bhutan than operating mining hardware.

Other Holders Are Increasing Their Positions

Bhutan’s liquidation of Bitcoin is notable as most other significant holders are pursuing the opposite strategy. Strategy acquired 4,871 BTC for $330 million last weekend, increasing its total holdings to 766,970 BTC.

U.S. spot Bitcoin ETFs collectively absorbed approximately 50,000 BTC in March alone. The Ethereum Foundation staked $93 million worth of Ether in a single day instead of selling.

Bhutan is currently the only sovereign-level entity demonstrably selling its Bitcoin holdings.

At the time of this report, Bitcoin was trading above $72,000, marking an increase of over 1.3% in the preceding 24 hours. The asset remains approximately 43% below its all-time high of around $126,000, which was reached in October 2025.

Bhutan’s remaining 3,774 BTC is now less than the amount Strategy typically purchases in a single week.