{"id":51031,"date":"2026-03-10T10:40:54","date_gmt":"2026-03-10T15:40:54","guid":{"rendered":"https:\/\/bitcoinmagazine.com\/?p=51031"},"modified":"2026-03-10T10:40:57","modified_gmt":"2026-03-10T15:40:57","slug":"bhutan-selling-its-bitcoin-by-over-half","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/news\/bhutan-selling-its-bitcoin-by-over-half","title":{"rendered":"Bhutan Keeps Selling Its Bitcoin, Reserves Sold by Over Half"},"content":{"rendered":"
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Bhutan\u2019s state-owned investment arm has steadily sold portions of the country\u2019s Bitcoin reserves, moving about $42.5 million in BTC and USDT so far in 2026 through a small set of recurring counterparties.<\/p>\n\n\n\n

Data from blockchain analytics firm Arkham Intelligence shows<\/a> that the Royal Government of Bhutan transferred 175 BTC, valued at $11.85 million, on Monday to an address that had previously received 184 BTC in February. <\/p>\n\n\n\n

The February activity included multiple transfers totaling roughly $30.7 million, including two sends to QCP Capital, a trading firm, and a $1.5 million USDT transfer to a Binance hot wallet.<\/p>\n\n\n\n

The pattern suggests a planned treasury drawdown and liquidity management strategy rather than panic selling. Bhutan mined much of its Bitcoin<\/a> using surplus hydropower, giving the government a near-zero cost basis. Every sale, therefore, represents a profit for the state.<\/p>\n\n\n\n

Bhutan\u2019s Bitcoin stack peaked around 13,000 BTC in late 2024, after several years of accumulation through state-backed mining operations. <\/p>\n\n\n\n

tSince then, the holdings have fallen to approximately 5,400 BTC, a 58% reduction. <\/p>\n\n\n\n

Dollar value has also dropped due to the decline in Bitcoin prices from roughly $126,000<\/a> at the peak to around $69,000 today. Holdings once worth over $1.5 billion are now valued near $374 million.<\/p>\n\n\n\n

Druk Holding and Investments (DHI), Bhutan\u2019s sovereign wealth fund, manages<\/a> the country\u2019s cryptocurrency assets. <\/p>\n\n\n\n

Bhutan is one of the world\u2019s largest bitcoin holders<\/h2>\n\n\n\n

The fund oversees state-owned enterprises and acts as the principal financial arm of the government. In December, Bhutan pledged<\/a> up to 10,000 BTC to fund Gelephu Mindfulness City, a special economic zone designed to hold digital assets for its financial reserves.<\/p>\n\n\n\n

The transfers have consistently gone to the same counterparties in similar sizes, with no clear correlation to price movements. This pattern points to structured liquidity management rather than reactive selling.<\/p>\n\n\n\n

Bhutan ranks as the seventh-largest government Bitcoin holder, behind the first place United States, which holds 328,372 BTC valued at nearly $22 billion. <\/p>\n\n\n\n

Bhutanese Prime Minister Tshering Tobgay has previously noted that Bitcoin proceeds support public services, including healthcare, environmental initiatives, and salaries for public employees. <\/p>\n\n\n\n

Surplus hydropower generated during summer months has enabled the kingdom to continue state-backed mining operations efficiently.<\/p>\n\n\n\n

Since the 2024 Bitcoin halving, mining rewards declined<\/a> to 3.125 BTC, reducing overall profitability and prompting some energy resources to be redirected to high-performance computing. <\/p>\n","protected":false},"excerpt":{"rendered":"

Bhutan is steadily selling portions of the country\u2019s Bitcoin reserves, moving about $42.5 million in BTC and USDT so far in 2026.<\/p>\n","protected":false},"author":3817,"featured_media":51032,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4378],"tags":[234,6365,1403,5947],"class_list":{"0":"post-51031","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-bhutan","9":"tag-bitcoin-sale","10":"tag-on-chain","11":"tag-transfer"},"author_data":{"id":3817,"name":"Micah Zimmerman","nicename":"micahzimmerman","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2025\/11\/Micah_Zimmerman_Author_Image.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2026\/03\/Bhutan-Keeps-Selling-Its-Bitcoin-Reserves-Sold-by-Over-Half.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/51031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3817"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=51031"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/51031\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/51032"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=51031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=51031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=51031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}