Updated: 2026-05-12
- In 2026, Bhutan sold $230 million worth of Bitcoin, bringing its current holdings to approximately 3119 BTC.
- Bhutan initially built one of the world’s largest sovereign Bitcoin reserves through hydroelectric mining.
Bhutan withdrew 100 BTC worth $8,1 million from its holding wallets, continuing its systematic liquidation. If the sales continue, then, According to Arkham Intelligence platforms, by the end of September the kingdom’s reserves will run out.
Since the beginning of 2026, Bhutan has sold $230,39 million worth of coins, and its cryptocurrency assets are currently valued at $252 million. The country is withdrawing an average of $50 million in digital assets per month. In March alone, the government moved over $120 million in Bitcoin across multiple transactions, including one transfer of 519,7 BTC worth $36,75 million.
BTC reserves peaked at 13,295 coins in October 2024. Druk Holding and Investments is the government-owned investment arm that manages Bhutan’s digital assets. Interestingly, the agency has not publicly announced any plans to sell bitcoins or declare any intention to empty the treasury. However, the country’s current government strategy indicates that crypto assets will reach zero within five months.
Bhutan began mining Bitcoin in 2019, using excess hydroelectric power generated by glacier-fed rivers. However, after the halving in April 2024, the cost of mining each coin doubled. Compared to 2023, when approximately 8200 BTC were mined in Bhutan, mining volumes have decreased significantly. The last on-chain deposit of almost $100,000 was made over 12 months ago, raising questions about whether mining is still active in the country.
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