Key Highlights
- The Himalayan kingdom has decreased its Bitcoin reserves from approximately 13,000 BTC to roughly 3,774 BTC since October 2024
- More than $233 million in Bitcoin has been transferred from government-controlled wallets during 2026
- Mining activity appears to have ceased, with no inflows exceeding $100,000 recorded in over twelve months
- Druk Holding and Investments, managing Bhutan’s sovereign fund, has remained silent on the drawdown
- The nation stands alone among sovereign holders in actively liquidating positions while institutional buyers accumulate
The government of Bhutan has liquidated approximately 70% of its Bitcoin reserves since peaking at nearly 13,000 BTC in October 2024. Current holdings sit at roughly 3,774 BTC, valued at approximately $272.5 million based on current market prices.
THE DRAGON KING IS SELLING BITCOIN
The Fifth Dragon King of Bhutan, Druk Gyalpo Jigme Khesar Namgyel Wangchuck, just sold $18M of BTC.
Bhutan has sold approximately $180M Bitcoin since the start of the year. pic.twitter.com/IedWLUK8D0
— Arkham (@arkham) April 10, 2026
According to blockchain intelligence platform Arkham Intelligence, Bhutan’s Royal Government transferred an additional 250 BTC—approximately $18 million—to a freshly created wallet address this week. This transaction followed a previous movement of around 319.7 BTC valued at $22.68 million on Thursday.
Since the start of 2026, Bhutan has relocated more than $233 million worth of Bitcoin from its documented treasury addresses. Roughly $162.6 million of these funds went to unidentified wallets, while remaining amounts were directed to addresses historically associated with liquidations through Galaxy Digital and OKX.
The nation’s Bitcoin reserves were built through a hydroelectric-powered mining initiative managed by Druk Holding and Investments, the sovereign investment arm. This program leveraged abundant renewable energy resources to mine cryptocurrency without dependence on conventional financial systems.
Signs Point to Inactive Mining Operations
Blockchain records from Arkham reveal no Bitcoin deposits larger than $100,000 entering Bhutan’s known wallet addresses for more than a year. This data strongly indicates the mining program has either significantly scaled back or ceased operations completely.
Druk Holding and Investments has not issued any public statements or responded to numerous media inquiries, including multiple email and phone attempts over the last week.
The profitability landscape for Bitcoin mining has fundamentally changed. During peak operational periods, Bitcoin traded above $90,000 while network difficulty remained comparatively lower. Currently, Bitcoin hovers around $72,000, with mining difficulty reaching record levels.
The halving event has further reduced block rewards to just 3.125 BTC. Combined, these developments have severely squeezed profit margins for smaller-scale mining ventures.
Another factor may be energy economics: selling hydroelectric power directly to India’s energy market could now yield better returns than dedicating electricity to cryptocurrency mining infrastructure.
Contrasting Trend Among Major Holders
Bhutan’s aggressive liquidation creates a stark contrast with behavior among other major Bitcoin holders. Strategy recently acquired 4,871 BTC for $330 million last weekend, expanding its total position to 766,970 BTC.
U.S.-based spot Bitcoin exchange-traded funds absorbed approximately 50,000 BTC throughout March alone. Meanwhile, the Ethereum Foundation staked $93 million in Ether in a single transaction rather than liquidating holdings.
Currently, Bhutan represents the only government-level entity publicly reducing its Bitcoin position.
Bitcoin was trading above $72,000 at press time, showing gains exceeding 1.3% over the preceding 24-hour period. The cryptocurrency remains roughly 43% beneath its all-time peak of approximately $126,000, achieved in October 2025.
Bhutan’s remaining reserve of 3,774 BTC now represents less than what Strategy typically accumulates in a standard seven-day period.
