Bhutan has sold over 70% of its Bitcoin (BTC) reserves over the past 18 months, raising questions about the future of its once-celebrated sovereign mining experiment.
On-chain analytics from Arkham Intelligence paint a picture of steady, deliberate liquidation by the Himalayan kingdom’s state-owned investment arm.
Bhutan’s Bitcoin Experiment Loses Steam
Wu Blockchain reported that $215.7 million in BTC was transferred out of the kingdom’s wallets in 2026 alone. In addition, the latest data from Arkham revealed that Bhutan moved out another 250 BTC around 18 hours ago.
The transfer leaves the wallet with nearly 3,774 BTC, a massive drop from 13,000 BTC in October 2024.
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Druk Holding and Investments (DHI), the state-owned fund that manages Bhutan’s reserves, began mining BTC in 2019 using surplus hydroelectric power. The operation turned a tiny, landlocked Himalayan kingdom into one of the world’s top sovereign holders of Bitcoin.
However, data shows that Bhutan has not received mining inflows exceeding $100,000 in more than a year. That absence has fueled speculation that the kingdom may have halted its hydropower-backed mining operations entirely.
“Bhutan appears to have ceased mining as of ~November 2024,” Arkham posted.
Miners and Treasury Firms Join the Bitcoin Sell-Off
Bhutan is not the only entity reducing its BTC exposure. Several publicly traded miners and Bitcoin treasury firms have accelerated liquidations in recent months, though each for distinct reasons.
Cango sold 2,000 BTC in March to retire outstanding Bitcoin-backed loans, leaving its treasury at 1,025 BTC. MARA sold 15,133 BTC for approximately $1.1 billion between March 4 and March 25 to repurchase $1 billion in convertible notes
Another miner, Riot Platforms, offloaded 3,778 BTC during Q1 2026 for roughly $289.5 million. Notably, additional transfers from both MARA and Riot have been recorded in April, suggesting further sales.
Smaller holders have also trimmed positions. Genius Group liquidated its entire 84.15 BTC treasury on April 1 to repay $8.5 million in debt. Furthermore, Nakamoto Holdings sold approximately 284 BTC in March for about $20 million, resulting in a realized loss relative to its average cost basis.
The wave of selling stands in contrast to MicroStrategy, which purchased 44,377 BTC in March alone and now holds over 766,970 BTC.
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