The Kingdom of Bhutan has sharply reduced its state Bitcoin reserves by approximately 70% over an 18-month period, according to on-chain analysis. Holdings fell from around 13,000 BTC in October 2024 to just 3,954 BTC, valued near $280 million. The country has also sent $215.7 million worth of Bitcoin abroad in 2026, a move contrary to broader accumulation trends, while its mining inflows have notably stalled.
Bhutan has significantly reduced its Bitcoin holdings over the past 18 months, signaling a major shift in its digital asset strategy. According to analysis by Arkham Intelligence, Bhutan’s reserves plummeted from approximately 13,000 BTC in October 2024 to 3,954 BTC currently. This 70% liquidation represents one of the most drastic reductions by a sovereign entity in cryptocurrency market history.
On-chain metrics indicate a significant slowdown in Bhutan’s Bitcoin mining activity. No inflows exceeding $100,000 have been recorded in over a year, suggesting mining operations may have stalled or stopped entirely.
In 2026, approximately $215.7 million worth of Bitcoin has been transferred out of Bhutan-linked wallets. This accelerated selling starkly deviates from the prevailing trend where many institutional and sovereign entities are increasing their digital asset exposure.
The shift raises concerns about the long-term viability of its mining model. Without official confirmation from Druk Holding and Investments, the full rationale remains unclear, but current data suggests a transition away from large-scale Bitcoin accumulation and production.
