Bhutan Sells $72M Bitcoin Amid Ongoing Portfolio Reduction

The Royal Government of Bhutan has transferred over $72 million in Bitcoin within 24 hours, extending its ongoing strategy of gradually reducing holdings amid evolving market conditions.

Key Points

• Bhutan sold 973 BTC (~$72.3 million) in six transactions, continuing a steady sell-off of its Bitcoin reserves.
• Druk Holding and Investments, the state-owned entity, manages the country’s digital asset portfolio.
• Current holdings stand at over 4,400 BTC (~$322 million), down from a peak of 13,295 BTC in October 2024.
• Sales align with Bhutan’s long-term development strategy, including plans to allocate 10,000 BTC toward infrastructure projects such as Gelephu Mindfulness City.
• Bitcoin market conditions, including a drop from nearly $126,000 to $60,000 in late 2025, have influenced the timing and pace of sales.

Recent Transfers Reflect Ongoing Selling Pattern

In the past day, Bhutan moved approximately $72.3 million worth of Bitcoin, totaling more than 973 BTC across six transactions. These transfers were carried out by Druk Holding and Investments, the state-owned entity responsible for managing the country’s digital asset portfolio.

According to data from Arkham Intelligence, such activity is part of a well-established pattern rather than a sudden shift. Bhutan has consistently sold Bitcoin in smaller batches, typically ranging between $5 million and $10 million. However, the pace of selling began to accelerate in mid-to-late September 2025.

Earlier transactions reinforce this trend. For instance, on March 10, the Himalayan country transferred 175 BTC, valued at approximately $11.8 million.

Strategic Alignment With National Development Goals

Despite appearances, Bhutan’s Bitcoin sales are not merely reactive to market fluctuations. Instead, they align with a broader economic vision centered on long-term development.

The country has adopted a Bitcoin Development Pledge, linking its digital asset strategy to national growth objectives. In December, Bhutan revealed plans to allocate 10,000 BTC toward infrastructure projects, particularly the development of Gelephu Mindfulness City—a proposed special administrative region.

Even so, Bhutan retains a substantial reserve. The country still holds over 4,400 BTC, valued at more than $322 million, according to Arkham data.

Declining Holdings and Reduced Mining Signals

Nevertheless, Bhutan’s current holdings represent a significant decline from previous levels. The country’s Bitcoin reserves peaked at approximately 13,295 BTC in October 2024, followed by a steady drawdown.

At the same time, on-chain data suggests a shift in operational activity. Arkham reports no wallet inflows exceeding $100 million in over a year, leading to speculation that Bhutan’s Bitcoin mining operations may have slowed or paused.

This marks a notable change from earlier years. Throughout 2024 and 2025, Bhutan gained international attention for leveraging renewable energy to mine Bitcoin, while simultaneously building a strategic reserve and implementing crypto-friendly policies.

Market Conditions Influence Selling Activity

Additionally, market conditions have also played a role in shaping Bhutan’s actions. For context, in February, the country transferred 284 BTC worth more than $22 million. These sales coincided with a broader downturn in the crypto market.

That downturn followed a sharp correction after Bitcoin reached nearly $126,000 in October 2025. Subsequently, prices fell to around $60,000, representing a decline of more than 50%. As of this writing, Bitcoin is trading at $70,103, up 1% over the past week.

At its peak, Bhutan’s Bitcoin holdings were valued at over $1.6 billion, underscoring the scale of its earlier exposure and the significance of its ongoing portfolio adjustments.