Bhutan transferred $7 million worth of Bitcoin from its sovereign reserves this week, adding to a larger $237 million drawdown the country has been executing since the start of 2026. Despite the steady selling, the Himalayan kingdom still ranks among the world's top 10 Bitcoin-holding nations, according to public blockchain data.
The latest transfer
The $7 million move was detected on-chain Thursday, with funds moving from a wallet associated with Bhutan's reserve holdings to an exchange address. It's part of a broader pattern: Bhutan has been gradually trimming its Bitcoin stash throughout 2026, with the latest transaction bringing the total drawdown this year to $237 million. The timing of the transfers has varied, but the pace has picked up in recent months.
Still a top holder
Even after unloading more than a quarter of a billion dollars in Bitcoin, Bhutan's remaining reserves are substantial enough to keep it in the top 10 globally among sovereign Bitcoin holders. The country first accumulated its stake through government-adjacent mining operations and early strategic purchases, though the exact size of the remaining holdings is not publicly disclosed in real time. The drawdown hasn't knocked it out of the top tier — yet.
A $237 million pattern
The $237 million figure covers multiple transactions across the first five months of 2026. The largest single transfer came in March, while the most recent $7 million move is on the smaller end. The regularity suggests a deliberate liquidation strategy rather than a one-off emergency sale. Bhutan's government has not publicly explained the rationale behind the sales, but the transfers have been consistent enough to track.
The drawdown comes as Bitcoin's price has fluctuated this year, though the country's selling hasn't appeared to cause major market disruption. Bhutan remains one of the few governments to hold a significant Bitcoin reserve, and its continued presence in the top 10 underscores how large that initial position was.
