Bitcoin News: Bhutan Cuts BTC Holdings with $215M Sales

Key Insights

• Bhutan sold over $215M in Bitcoin during 2026, using OTC desks to reduce impact.
• Reserves fell from 13,000 BTC in 2024 to about 3,500 BTC by April 2026.
• Mining inflows have stopped, signaling Bhutan’s shift from sovereign miner to disciplined asset seller.

Bitcoin news drew attention in April 2026 after the Royal Government of Bhutan, through Druk Holding & Investments, continued reducing its Bitcoin reserves. The activity involved steady transfers of BTC to exchange-linked and over-the-counter counterparties.

These movements occurred across blockchain networks tracked by analytics platforms such as Arkham Intelligence. The strategy mattered because Bhutan shifted from a state-backed Bitcoin mining model to a structured liquidation approach aimed at funding national development projects.

Bitcoin News: April Transfers Confirm Ongoing Sales Strategy

On April 30, government-linked wallets moved about 201.59 BTC, worth nearly $15.32 million. The transfers included 198.207 BTC ($15.06 million) and 3.385 BTC ($257,000). A very small dust transaction of 0.00019 BTC was also recorded.

One day earlier, on April 29, Bhutan transferred 102.446 BTC, valued at $7.89 million. Both transfers went to addresses linked with exchange or OTC counterparties.

These late-April moves followed larger outflows earlier in the month. Around April 10 and April 15, DHI wallets executed transfers of more than 250 BTC each. Those events were worth $18–20 million per cluster. Bitcoin traded between $75,800 and $77,000 during that period.

The pattern shows Bhutan prefers to sell in tranches. Each move is significant but not disruptive. The government avoids dumping coins directly on open markets.

Holdings Fall from Peak Levels

Bhutan’s Bitcoin reserves once stood at about 13,000 BTC in October 2024. These holdings came from state-backed mining powered by hydropower.

By mid-April 2026, reserves had dropped to 3,500–3,954 BTC. That is a decline of nearly 70% in 18 months.

Arkham Intelligence data shows Bhutan moved out more than $215.7 million worth of Bitcoin in 2026 alone. Net sales estimates range between $120 million and $230 million, depending on internal consolidations.

No major mining inflows above $100,000 have been seen in over a year. Analysts believe mining has slowed or stopped. The hydropower-backed operation may have been paused.

This marks a shift from accumulation to liquidation. Bhutan is no longer a sovereign miner. It is now a measured seller of its digital assets.

A Disciplined Treasury Strategy

Druk Holding & Investments has followed a careful approach. Large tranches, usually between $5–30 million, are routed through intermediaries and OTC desks. This reduces market impact.

Funds raised are directed toward national priorities. Projects include infrastructure and the Gelephu Mindfulness City.

The recurring destination addresses match patterns linked to OTC counterparties and exchanges. This shows consistency in the selling method.

The Royal Government and DHI have not issued public statements about the April transfers. They also remain quiet about long-term Bitcoin strategy.

As of early May 2026, Bitcoin trades above $76,000. Bhutan’s remaining holdings are worth several hundred million dollars. The exact figure depends on ongoing movements.

The activity highlights Bhutan’s evolution. It has moved from a prominent sovereign miner to a disciplined seller. The nation is turning digital assets into liquidity for development.

Conclusion

Bitcoin news highlighted Bhutan’s transition from a sovereign miner to a disciplined seller in April 2026. The country reduced its holdings through structured OTC transactions, generating over $215 Million in sales during the year. This approach reflected a shift toward using digital assets as a source of liquidity for national development.

While Bhutan still held several thousand BTC, its strategy indicated continued asset management rather than accumulation. The outcome of this approach will depend on future market conditions and policy decisions. Bhutan’s model may serve as a reference for other nations managing large crypto reserves.

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