Bhutan Sells $72M Bitcoin, Holdings Drop Sharply Since 2024

Bhutan has transferred over $72 million worth of Bitcoin as the country continues to reduce its once massive crypto reserves.

Key Takeaways

• Bhutan moved 973 BTC worth about $72.3 million across multiple transactions in 24 hours.
• The country’s holdings have dropped from over 13,000 BTC in 2024 to around 4,400 BTC today.
• Transfers are part of a gradual and strategic selling approach, often routed through OTC platforms.
• Bhutan has already transferred more than $110 million in Bitcoin in 2026 alone.

What Happened?

Bhutan transferred nearly 973 Bitcoin between March 17 and March 18 through its sovereign investment arm, Druk Holding and Investments. The transactions were spread across several wallets and included transfers to known trading platforms, signaling continued liquidation of its crypto holdings.

Bhutan Continues Gradual Bitcoin Sell Off

The Royal Government of Bhutan has once again moved a large portion of its Bitcoin holdings, transferring 973 BTC valued at approximately $72.3 million within a 24 hour period. Blockchain data from Arkham Intelligence shows that these transactions were executed across six separate transfers, consistent with Bhutan’s usual pattern of breaking up large movements.

The funds originated from wallets linked to Druk Holding and Investments, the state-owned entity responsible for managing the country’s digital asset portfolio and Bitcoin mining operations. This entity has played a central role in building and managing Bhutan’s crypto reserves over the past few years.

Data also reveals that a portion of the transferred Bitcoin, including 20.5 BTC worth about $1.52 million, was sent to QCP Capital, a well known over the counter trading platform. The remaining funds were distributed across unidentified wallet addresses, which is a strategy often used to avoid large price swings during selling.

Holdings Drop Significantly Since 2024 Peak

Bhutan’s Bitcoin reserves have seen a sharp decline over the past year. At its peak in October 2024, the country held around 13,295 BTC, which would have been valued at more than $1.6 billion at peak market prices.

As of now, Bhutan holds approximately 4,400 to 4,453 BTC, valued between $322 million and $330 million, depending on market fluctuations. This marks a significant reduction in holdings, highlighting a steady and calculated exit strategy rather than a sudden sell off.

Recent data also shows that Bhutan transferred more than 284 BTC worth over $22 million in February, indicating that the selling trend has been ongoing for several months.

Strategic Selling and Market Impact

According to Arkham Intelligence, Bhutan typically sells Bitcoin in smaller clips ranging from $5 million to $10 million. This approach helps maintain market stability and reduces the risk of triggering sharp price declines.

So far, the recent transfers have not caused any major disruption in Bitcoin’s price. During the transfer window, Bitcoin was trading around $74,268, showing relative stability despite the movement of a large volume of assets.

Analysts tracking on chain activity suggest that these transactions are more aligned with liquidity management and portfolio rebalancing rather than panic selling.

Questions Around Mining Activity

Bhutan had previously gained global attention for its eco friendly Bitcoin mining operations powered by hydroelectric energy. The country used surplus renewable energy to build a strategic Bitcoin reserve while positioning itself as a pro crypto nation.

However, recent data shows that Bhutan has not recorded any major Bitcoin inflows exceeding $100 million in over a year. This has raised speculation that the country may have scaled back or paused its mining operations, possibly due to changing market conditions and energy priorities.

The government had also announced plans to use up to 10,000 BTC from its reserves to fund infrastructure projects such as the Gelephu Mindfulness City, signaling a broader shift toward using crypto for national development.

CoinLaw’s Takeaway

In my experience, Bhutan’s approach feels more disciplined than most governments dealing with crypto. Instead of reacting emotionally to market swings, they are slowly cashing out while maintaining stability, which is actually smart portfolio management.

I found this particularly interesting because Bhutan was once seen as a strong long term Bitcoin holder. Now, it is evolving into a more active and strategic participant, using its holdings to support economic goals rather than simply holding for speculation.

This move may not shake the market today, but it sends a clear message that even early adopters at a national level are rethinking how to manage crypto reserves in a volatile environment.

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