Bhutan has intensified its Bitcoin sell-off, transferring 100 BTC valued at approximately $8.1 million from its wallets as part of a broader liquidation strategy ongoing since early 2024. Blockchain data monitored by Arkham Intelligence shows the Himalayan kingdom has sold about $230 million in Bitcoin so far this year, averaging around $50 million a month.
The country’s current holdings have dropped to roughly 3,100 BTC, valued near $252 million at recent prices. If Bhutan continues to offload Bitcoin at this pace, projections suggest it could exhaust its reserves before the end of September. However, analysts caution that the sell-off timeline is not fixed and depends on the government’s strategic decisions rather than a steady liquidation schedule.
Bhutan began mining Bitcoin in 2019, leveraging surplus electricity generated by its glacier-fed rivers. The mining operation, managed by the state-owned Druk Holding and Investments, accumulated nearly 13,000 BTC at its peak. Yet, mining output declined sharply after the 2024 block reward halving, and recent blockchain activity indicates a slowdown or potential pause in active mining.
Recent Bitcoin transfers suggest Bhutan follows a treasury strategy focused on realizing profits while maintaining some long-term crypto exposure. Since the Bitcoin was mined at almost no cost, each sale produces significant gains regardless of Bitcoin’s market price. This approach allows Bhutan to monetize its holdings prudently amid a volatile market.
Throughout 2025 and into 2026, large tranches of Bitcoin were sold intermittently—ranging from sizable moves over $100 million in value to quieter periods—with a notable surge in transfers recorded in March alone. Many transactions have been routed through trading firms based in Singapore, indicating a structured selling process rather than impulsive liquidation.
Despite this sell-down, Bhutan maintains ambitious digital asset plans. The country designated Gelephu Mindfulness City, a special administrative zone, to hold strategic reserves of Bitcoin, Ethereum, and BNB. In late 2025, King Jigme Khesar Namgyel Wangchuck committed up to 10,000 BTC—valued at roughly $1 billion then—for the city's development, underscoring a long-term vision entwined with cryptocurrency.