Bhutan Liquidates 70% of Bitcoin Portfolio Over 18 Months Amid Mining Slowdown

Key Takeaways The Kingdom of Bhutan has slashed its Bitcoin reserves from approximately 13,000 BTC to just 3,774 BTC since October 2024 State-controlled wallets have transferred more than $233 million in Bitcoin during 2026 No significant mining inflows exceeding $100,000 have been detected in Bhutan’s wallets for over 12 months Druk Holding and Investments, managing Bhutan’s sovereign assets, has declined to provide public statements The Himalayan nation stands alone among sovereign Bitcoin holders in actively liquidating its position The government of Bhutan has offloaded approximately 70% of its Bitcoin portfolio since reaching peak holdings of nearly 13,000 BTC in October 2024. Current reserves sit at roughly 3,774 BTC, representing a market value of about $272.5 million. THE DRAGON KING IS SELLING BITCOIN The Fifth Dragon King of Bhutan, Druk Gyalpo Jigme Khesar Namgyel Wangchuck, just sold $18M of BTC. Bhutan has sold approximately $180M Bitcoin since the start of the year. pic.twitter.com/IedWLUK8D0 — Arkham (@arkham) April 10, 2026 According to blockchain intelligence firm Arkham Intelligence, Bhutan’s Royal Government transferred an additional 250 BTC—valued at approximately $18 million—to a freshly established wallet address this week. This transaction followed a Thursday movement of roughly 319.7 BTC worth $22.68 million. Cumulatively, the kingdom has relocated more than $233 million worth of Bitcoin from its identified treasury addresses throughout 2026. Approximately $162.6 million flowed into unidentified wallets, while remaining funds moved through addresses historically associated with liquidations via Galaxy Digital and OKX exchange platforms. Bhutan’s cryptocurrency accumulation stemmed from a hydroelectric-powered mining initiative operated under Druk Holding and Investments, the nation’s sovereign investment vehicle. The program leveraged abundant renewable energy resources to mine Bitcoin while bypassing conventional banking systems. Evidence...