Bhutan Sells 70% of Bitcoin (BTC) Holdings in 18 Months

Key Insights

• Bhutan sold over 70% of its Bitcoin, shifting reserves from 13,000 BTC to under 4,000.
• Mining operations stopped after halving reduced rewards, with electricity exports to India proving more profitable.
• Sales appear strategic, funding infrastructure projects, making Bhutan the only sovereign reducing Bitcoin holdings in 2026.

Bhutan has sold most of its Bitcoin in the past 18 months. The country’s sovereign fund, Druk Holding and Investments (DHI), reduced its reserves from about 13,000 BTC in October 2024. Today, the fund holds just under 3,954 BTC.

Source: X

These sales, worth over $215 million in 2026 alone, mark a major shift in Bhutan’s crypto strategy. Mining operations powered by hydropower have stopped. The nation is now focusing on exporting electricity to India to achieve better returns.

Accelerated Sales in 2026

Recent months have seen a steady stream of Bitcoin transfers from wallets linked to DHI. On April 9, 2026, the fund moved 319.7 BTC, worth about $22.8 million, to exchanges and trading partners.

This followed a larger transfer in late March, when 519.7 BTC valued at $36.7 million was sold. Smaller tranches of $5–10 million have also been recorded throughout the year.

Analysts note that Bhutan typically sells in batches rather than in one large move. This strategy helps limit the impact on the wider market. The funds are often routed through familiar counterparties, including OKX, Galaxy Digital, QCP Capital, and Binance‑linked addresses.

Despite the scale of these outflows, Bitcoin’s price has remained resilient. As of April 10, 2026, the cryptocurrency was trading around $71,859. This is well below its all‑time high of $126,000 reached in October 2025. However, it’s still strong given the volume of sovereign sales.

Mining Program Comes to a Halt

Bhutan’s Bitcoin accumulation originally came from state‑backed mining powered by surplus hydroelectricity. The country’s abundant clean energy made it one of the earliest sovereign adopters of crypto mining.

At its peak, Bhutan ranked among the top government holders of Bitcoin, behind only the US, China, and the United Kingdom.

However, on‑chain records show that mining activity has effectively stopped. No inflows exceeding $100,000 have reached Bhutan’s wallets in over a year. This suggests that the hydropower‑backed operations have paused or been terminated.

Industry experts point to several reasons. The 2024 Bitcoin halving cut block rewards to 3.125 BTC, reducing revenue. At the same time, network difficulty reached record highs, making mining more expensive.

Analysts estimate that profitability at Bhutan’s scale required Bitcoin prices above $90,000. With the coin trading closer to $71,000, margins were compressed.

Instead, Bhutan appears to be exporting surplus electricity directly to India. Demand there is strong, and prices are more attractive than those achievable through small‑scale mining. Reports suggest that selling power across the border has proven far more lucrative than continuing to mine Bitcoin.

A Measured Exit Strategy

The sales are seen as deliberate and carefully planned. Proceeds are believed to be funding infrastructure projects and supporting fiscal needs.

This fits Bhutan’s long‑term treasury management approach. Bhutan is the only sovereign to reduce its Bitcoin holdings in 2026. Larger nation‑state holders continue to accumulate.

The pace of sales has quickened in recent weeks. Early in the year, transfers were smaller and less frequent. By March and April, multi‑hundred‑BTC moves became more common. Total outflows this year already exceed $215 million.

No official statement has been issued by the Royal Government of Bhutan or DHI. Still, observers view the strategy as pragmatic.

Bhutan is converting volatile digital assets into cash while putting its clean energy resources to higher‑value use. With holdings now below 4,000 BTC, the kingdom continues its steady exit from crypto.

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