- Bhutan sold roughly 9,000 BTC since October 2024, leaving approximately 3,774 BTC in reserves.
- Arkham data indicates over $215.7 million in BTC was moved out of Bhutanese wallets in 2026 alone.
- The absence of mining inflows exceeding $100,000 for over a year suggests a potential halt in operations.
Bhutan has divested over 70% of its Bitcoin (BTC) reserves in the last 18 months, prompting scrutiny of its state-sponsored mining initiative. On-chain data from Arkham Intelligence reveals a consistent pattern of liquidation by the nation’s sovereign investment entity.
Bhutan’s Bitcoin Experiment Loses Momentum
According to reports, Bhutan transferred $215.7 million worth of BTC from its wallets in 2026. Arkham Intelligence further noted a recent outflow of 250 BTC approximately 18 hours prior to the report. This substantial reduction brings Bhutan’s BTC holdings down to nearly 3,774 BTC, a significant decrease from the 13,000 BTC held in October 2024.
Druk Holding and Investments (DHI), the state-owned fund managing Bhutan’s financial assets, initiated Bitcoin mining in 2019, leveraging surplus hydroelectric power. This venture positioned the small, landlocked country as a significant sovereign holder of Bitcoin.
However, recent data indicates no Bitcoin mining inflows exceeding $100,000 have been recorded for over a year, fueling speculation that the nation may have ceased its hydroelectric-powered mining activities.
“Bhutan appears to have ceased mining as of ~November 2024,” Arkham posted.
Miners and Treasury Firms Contribute to Bitcoin Sell-Off
Bhutan is not alone in reducing its Bitcoin holdings. Several publicly traded mining companies and corporations holding Bitcoin on their balance sheets have also increased liquidations recently, albeit for varied reasons.
Cango, for instance, sold 2,000 BTC in March to settle outstanding Bitcoin-backed loans, leaving them with 1,025 BTC. MARA liquidated 15,133 BTC for approximately $1.1 billion between March 4 and March 25 to facilitate the repurchase of $1 billion in convertible notes. Riot Platforms, another mining firm, divested 3,778 BTC during the first quarter of 2026 for roughly $289.5 million. Further transfers from both MARA and Riot in April suggest ongoing sell-offs.
Smaller entities have also reduced their positions. Genius Group liquidated its entire 84.15 BTC treasury on April 1 to address $8.5 million in debt. Nakamoto Holdings sold approximately 284 BTC in March for about $20 million, incurring a realized loss relative to its average cost basis.
This trend of selling contrasts with companies like MicroStrategy, which acquired 44,377 BTC in March alone and now holds over 766,970 BTC.
Source: : beincrypto.com