Bhutan has quietly started selling Bitcoins which are part of its national Bitcoin reserves. Blockchain data shows that the country has already sold around $42.5 million worth of Bitcoin to date in 2026.
The state-owned investment division Druk Holding and Investments, which oversees Bhutan’s Bitcoin mining activities, is linked to these transactions.
The government recently moved 175 BTC, or roughly $11.85 million, to a different wallet. Earlier in February, approximately 184 BTC, valued at around $14 million, was also moved. Some additional transfers were made to crypto trading firm QCP Capital and to a wallet linked to Binance.
Notably, Bhutan built its Bitcoin reserves through government-backed mining operations. The operations have been powered by the country’s surplus hydroelectric energy. At its highest point in late 2024, the country held close to 13,000 BTC.
However, the number of Bitcoins has now dropped to around 5,400, marking a drop of nearly 58% from its peak level.
The total value of the holdings has also fallen as Bitcoin’s price has dropped from around $119,000 at its peak to about $69,000 in recent months.
Even after these sales, Bhutan continues to move ahead with its crypto plans. The government had earlier announced a proposal to use up to 10,000 BTC to support the development of Gelephu Mindfulness City, a special economic zone aimed at building a digital finance ecosystem.
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