Bhutan, Why Did It Sell 70% of Its Bitcoin…Is the National Strategy Changing?

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The Bhutanese government has disposed of over 70% of its Bitcoin holdings in less than two years, effectively carrying out a 'large-scale national sale'.

According to the cryptocurrency specialized media outlet Finbold on April 11 (local time), the Kingdom of Bhutan has reduced its holdings from approximately 13,000 BTC in October 2024 to 3,954 BTC, a reduction of over 70%. The current value of the remaining holdings is approximately $280.6 million.

The amount reduced during this period is over 9,000 BTC, with the total sale volume estimated to be around $640 million. Notably, an additional $120 million to $215.7 million worth of Bitcoin has been confirmed to have moved in 2026 alone.

The sales were conducted through Bhutan's sovereign wealth fund, Druk Holding & Investments, utilizing a segmented transaction approach instead of a bulk sale to minimize market impact. Fund movements occurred through institutional and exchange-linked wallets such as Galaxy Digital, OKX, and QCP Capital.

Recent on-chain data also captured an increasing trend of large transactions. In April 2026, transactions totaling approximately 319.7 BTC, valued at $22.7 million, were distributed to new wallets and existing exchange-linked wallets. In March, movements of approximately 973 BTC ($72 million) and 519.7 BTC ($36.7 million) continued, indicating concentrated selling activity.

This trend is interpreted not as a simple liquidation but as part of a financial strategy. Bhutan had acquired Bitcoin through hydropower-based mining, but new inflows have virtually ceased for over a year. The funds from the sales are reportedly being invested in domestic development projects, particularly the Gelephu Mindfulness City. However, despite continuous selling, Bhutan remains one of the major state-level Bitcoin holders.

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