{"id":37737,"date":"2026-03-10T15:40:54","date_gmt":"2026-03-10T15:40:54","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=37737"},"modified":"2026-03-10T15:40:54","modified_gmt":"2026-03-10T15:40:54","slug":"bhutan-keeps-selling-its-bitcoin-reserves-sold-by-over-half","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=37737","title":{"rendered":"Bhutan Keeps Selling Its Bitcoin, Reserves Sold by Over Half"},"content":{"rendered":"

Bitcoin Magazine<\/a>
\n
\nBhutan Keeps Selling Its Bitcoin, Reserves Sold by Over Half<\/a><\/p>\n

<\/div>\n

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

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.\u00a0<\/p>\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

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

Bhutan\u2019s Bitcoin stack peaked around 13,000 BTC in late 2024, after several years of accumulation through state-backed mining operations.\u00a0<\/p>\n

tSince then, the holdings have fallen to approximately 5,400 BTC, a 58% reduction.\u00a0<\/p>\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

Druk Holding and Investments (DHI), Bhutan\u2019s sovereign wealth fund, manages<\/a> the country\u2019s cryptocurrency assets.\u00a0<\/p>\n

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

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

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.\u00a0<\/p>\n

Bhutanese Prime Minister Tshering Tobgay has previously noted that Bitcoin proceeds support public services, including healthcare, environmental initiatives, and salaries for public employees.\u00a0<\/p>\n

Surplus hydropower generated during summer months has enabled the kingdom to continue state-backed mining operations efficiently.<\/p>\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.\u00a0<\/p>\n

This post Bhutan Keeps Selling Its Bitcoin, Reserves Sold by Over Half<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Micah Zimmerman<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine Bhutan Keeps Selling Its Bitcoin, Reserves Sold by Over Half 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. Data from blockchain analytics firm Arkham Intelligence shows that the Royal […]<\/p>\n","protected":false},"author":1,"featured_media":37738,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[45],"tags":[],"class_list":{"0":"post-37737","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"yoast_head":"\nBhutan Keeps Selling Its Bitcoin, Reserves Sold by Over Half - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=37737\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bhutan Keeps Selling Its Bitcoin, Reserves Sold by Over Half - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"Bitcoin Magazine Bhutan Keeps Selling Its Bitcoin, Reserves Sold by Over Half 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. 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