Bhutan Offloads $72 Million in Bitcoin as It Continues to Trim Reserves
Bhutan's Royal Government has moved more than $72 million worth of Bitcoin in the past 24 hours, continuing its gradual reduction of national crypto holdings as market conditions shift.
Arkham Intelligence data shows the country sold 973 BTC (about $72.3 million) via six transactions. The activity was executed through Druk Holding and Investments, the state-owned entity that manages Bhutan's digital asset portfolio. The transfers fit a familiar pattern: Bhutan has typically sold in smaller tranches of roughly $5 million to $10 million, though the selling tempo began to pick up in mid-to-late September 2025. Earlier this month, on March 10, the country transferred 175 BTC valued near $11.8 million.
Bhutan still holds more than 4,400 BTC, worth roughly $322 million, but that is down sharply from a high of about 13,295 BTC recorded in October 2024.
Officials have framed the sales as part of a longer-term national development agenda rather than purely a response to price swings. Bhutan has promoted a Bitcoin Development Pledge and in December said it planned to earmark 10,000 BTC for infrastructure initiatives, including Gelephu Mindfulness City, a proposed special administrative region.
On-chain data also points to a change in operational activity. Arkham reports no wallet inflows above $100 million for more than a year, fueling speculation that Bhutan's Bitcoin mining may have slowed or paused. Bhutan previously drew attention in 2024 and 2025 for using renewable energy to mine Bitcoin while building a strategic reserve and adopting crypto-friendly policies.
Market moves have coincided with recent selling. In February, Bhutan transferred 284 BTC worth more than $22 million amid a broader crypto downturn that followed a sharp correction after Bitcoin neared $126,000 in October 2025. Prices later fell to around $60,000, a drop of more than 50%. As of publication, Bitcoin trades at $70,103, up about 1% over the past week.
At the peak, Bhutan's Bitcoin holdings were valued at more than $1.6 billion, highlighting the scale of its prior exposure and the significance of its ongoing portfolio adjustment.
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