Bhutan shifted 100 bitcoin worth about $8.1 million out of its holding wallets on Tuesday, according to Arkham Intelligence, the latest in a steady sell-off that has drained the country's once-massive digital asset stockpile. The state-owned investment arm, Druk Holding and Investments, has been selling since late 2024, and the pace has accelerated this year: roughly $230 million in Bitcoin has been offloaded since January, averaging about $50 million a month.
The sell-off pace
Bhutan started mining Bitcoin in 2019, using surplus hydropower from glacier-fed rivers. At its peak in late 2024, the reserve hit nearly 13,000 BTC. Then came the April 2024 halving, which cut mining output significantly. The last on-chain deposit above $100,000 into Bhutan-linked wallets happened more than a year ago, raising questions about whether active mining continues.
Sales history shows a pattern: 2,077 BTC worth $163 million moved in late 2024; a $100 million tranche in September 2025; over $120 million in March 2026, including a single transfer of 519.7 BTC valued at $36.75 million. Arkham Intelligence projects Bhutan will exhaust its Bitcoin reserves before the end of September 2026 if sales keep up.
Markus Levin, co-founder of XYO, cautioned that the projection assumes a steady rate — but Bhutan has not operated that way historically. “They’ve been lumpy sellers,” he said, pointing to the irregular batch sizes and timing.
Where the Bitcoin goes
Coins are often routed through Singapore-based trading firm QCP Capital before hitting exchanges. That’s the same firm that handled earlier tranches. Analyst Lacie Zhang of Bitget Wallet described the activity as “an active sovereign strategy aimed at monetizing gains while keeping some long-term exposure.” Since the Bitcoin was mined at near-zero electricity cost, every sale generates a profit regardless of price timing.
What’s left
Current holdings sit at approximately 3,100 BTC, valued near $252 million. If Bhutan sells the rest near today’s prices, it could walk away with roughly $767 million in total profit from the entire mining and sales operation. But not all of that money stays in the treasury. King Jigme Khesar Namgyel Wangchuck pledged up to 10,000 BTC — then worth about $1 billion — toward Gelephu Mindfulness City, a special administrative region in southern Bhutan that has been designated to hold Bitcoin, Ethereum, and BNB as strategic reserves. That pledge was made in December 2025, when prices were higher.
The question now is whether the remaining Bitcoin will be sold before the September deadline or diverted to the city's reserves. The next on-chain move will tell.
