The Kingdom of Bhutan has significantly reduced its national Bitcoin holdings, selling over 9,000 BTC since late October 2024. According to blockchain data, a recent transfer of about 319 BTC worth $22.68 million brings its remaining stash to approximately 3,654 BTC. This marks a roughly 70% drawdown from its position a year ago.
On Thursday, a sovereign-linked wallet moved about 319 Bitcoin (BTC) worth roughly $22.68 million. Data shows total outflows since late October 2024 now exceed 9,000 BTC.
Activity in March alone involved moving more than 1,667 BTC worth around $120 million. This has reduced Bhutan’s Bitcoin holdings from about 13,000 BTC in late 2024 to 3,654 BTC in April.
Despite the sell-off, Bhutan remains the fifth-largest publicly tracked nation-state holder. It trails the United States, the United Kingdom, El Salvador, and the United Arab Emirates.
Bhutan has not publicly commented on the recent disposals. The activity is inferred from wallet labels tied to the government and its investment arm, Druk Holding & Investment.
The kingdom built its position through state-backed mining using carbon-free hydropower. Officials have framed this as part of a “green Bitcoin economy” to diversify export revenues.
In December 2025, Bhutan unveiled a national Bitcoin Development Pledge committing up to 10,000 BTC. Authorities said this allocation would support the development of its Gelephu Mindfulness City special administrative region.
