Bhutan's government has sold over $230 million worth of Bitcoin so far in 2026, with the latest chunk — an $8.1 million transfer — detected this week. The figures come from blockchain analytics firm Arkham, which has been tracking the country's wallet activity. The sales signal a steady drawdown of what was once a sizable national crypto reserve.
What Arkham's data shows
According to Arkham's on-chain data, Bhutan has been moving Bitcoin in regular tranches since the start of the year. The cumulative total now exceeds $230 million. The most recent transaction, valued at $8.1 million, was flagged earlier this week as part of what Arkham described as the kingdom's ongoing sell-off strategy. The transfers are visible on the public ledger, giving markets a real-time view of the government's activity.
Why Bhutan is selling
The exact reasoning behind the sales isn't public, but the pattern is clear: Bhutan is steadily shrinking its Bitcoin stash. The country first accumulated crypto through mining operations years ago, leveraging its cheap hydropower. Now it appears to be converting those holdings into fiat, likely for budget needs or infrastructure spending. This isn't a panic dump — the movements have been methodical, spaced out over months.
What's left in the treasury
Arkham did not disclose the remaining balance in Bhutan's wallets, but the $230 million sold this year suggests the original holdings were substantial. With the sell-off still active, the question is how much more the kingdom plans to move. For now, the transfers keep coming — and the market keeps watching.
