The Kingdom of Bhutan continues to offload a significant share of its Bitcoin (BTC) holdings, with reserves now almost depleted.
In line with this trend, the government has reduced its Bitcoin holdings by more than 70% in under two years, according to data tracked by Arkham Intelligence.
The country’s reserves have fallen from roughly 13,000 BTC in October 2024 to about 3,954 BTC, currently valued at approximately $280.6 million.
The drawdown represents a reduction of over 9,000 BTC, with total sales estimated at around $640 million over the period. In 2026 alone, Bhutan transferred between $120 million and $215.7 million worth of Bitcoin.
Indeed, the liquidation is being managed by Druk Holding & Investments, which has executed the sales through structured transactions rather than abrupt market moves.
Transfers have typically been routed through institutional counterparties and exchange-linked wallets, including those associated with Galaxy Digital, OKX, and QCP Capital.
Increasing large transactions
At the same time, recent blockchain activity shows a pattern of increasingly large transactions. In April 2026, a transfer of roughly 319.7 BTC valued at about $22.7 million was split between a new wallet and another linked to prior exchange flows.
This followed multiple sizable March transactions, including a 973 BTC movement worth about $72 million and a 519.7 BTC transfer valued at nearly $36.7 million, marking one of the most active selling periods.
The sales appear to be part of a deliberate treasury strategy, with Bhutan gradually reducing exposure while attempting to limit market disruption by spreading transactions across time and counterparties.
Meanwhile, the country has also largely ceased adding new Bitcoin from mining operations, with no significant inflows recorded for over a year despite its earlier reliance on hydropower-backed mining.
Proceeds from the sales are believed to be directed toward domestic development initiatives, including projects such as Gelephu Mindfulness City.
Despite the reduction, Bhutan remains one of the larger nation-state holders of Bitcoin, though its relative position has declined as the sell-off continues.
