Bhutan’s state-owned investment arm has steadily sold portions of the country’s Bitcoin reserves, moving about $42.5 million in BTC and USDT so far in 2026 through a small set of recurring counterparties.
Data from blockchain analytics firm Arkham Intelligence shows 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.
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.
The pattern suggests a planned treasury drawdown and liquidity management strategy rather than panic selling. Bhutan mined much of its Bitcoin using surplus hydropower, giving the government a near-zero cost basis. Every sale, therefore, represents a profit for the state.
Bhutan’s Bitcoin stack peaked around 13,000 BTC in late 2024, after several years of accumulation through state-backed mining operations.
tSince then, the holdings have fallen to approximately 5,400 BTC, a 58% reduction.
Dollar value has also dropped due to the decline in Bitcoin prices from roughly $126,000 at the peak to around $69,000 today. Holdings once worth over $1.5 billion are now valued near $374 million.
Druk Holding and Investments (DHI), Bhutan’s sovereign wealth fund, manages the country’s cryptocurrency assets.
Bhutan is one of the world’s largest bitcoin holders
The fund oversees state-owned enterprises and acts as the principal financial arm of the government. In December, Bhutan pledged up to 10,000 BTC to fund Gelephu Mindfulness City, a special economic zone designed to hold digital assets for its financial reserves.
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.
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.
Bhutanese Prime Minister Tshering Tobgay has previously noted that Bitcoin proceeds support public services, including healthcare, environmental initiatives, and salaries for public employees.
Surplus hydropower generated during summer months has enabled the kingdom to continue state-backed mining operations efficiently.
Since the 2024 Bitcoin halving, mining rewards declined to 3.125 BTC, reducing overall profitability and prompting some energy resources to be redirected to high-performance computing.