Bhutan Sells 100 BTC, Reserves Down About 70%

Bhutan transferred 100 BTC, worth about $8.1 million, out of its sovereign holding wallets on Tuesday, according to on‑chain data compiled by blockchain analytics firm Arkham Intelligence. The transfer is part of a broader series of sales that have reduced the kingdom’s Bitcoin reserves since late 2024.

Arkham’s data show Bhutan has sold roughly $230.39 million in Bitcoin since the start of the year and is liquidating at an estimated pace of about $50 million per month. At that tempo, Arkham posted that the country’s remaining Bitcoin could be exhausted before the end of September. The analytics firm’s figures indicate holdings fell from nearly 13,000 BTC in late 2024 to about 3,100 BTC today, valued near $252 million.

The kingdom’s sell-down has been uneven. Large reductions began with a block of 2,077 BTC, valued around $163 million, in late 2024. Sales have continued in larger tranches at intervals, including a roughly $100 million sale in September 2025, interspersed with quieter periods.

Lacie Zhang, a research analyst at Bitget Wallet, described the activity as “an active sovereign treasury strategy rather than a bearish signal,” noting Bhutan built much of its Bitcoin through state-backed mining launched in 2019 that used surplus hydroelectric power. Zhang said the government appears to be monetizing mining gains to diversify reserves and finance development projects while keeping some exposure to digital assets.

Markus Levin, co-founder of XYO, noted the pattern has been intermittent rather than a continuous drip: “They haven’t-it’s been bursts, not a steady drain.” He added that selling mined Bitcoin at current prices can free funds for public spending and that mined coins were acquired at low cost, making disposals likely profitable.

Bhutan has also committed crypto reserves to development. In December the government pledged up to 10,000 BTC toward the Gelephu Mindfulness City project, a designated special administrative region intended to host regulated digital-asset firms. Officials for the project have introduced accelerated licensing pathways for firms from regulated jurisdictions and announced banking arrangements that include multi-currency accounts and waived fees for an initial period.

Bhutan has not published a formal timetable for future sales, and government authorities have not issued a comment on the latest wallet transfers.