Bhutan Sells 70% of Bitcoin Holdings in 18 Months, Arkham Data Shows

Bhutan Bitcoin holdings appear to have fallen by roughly 70% over the past 18 months based on Arkham-labeled wallets, a sharp drawdown in the country's publicly tracked reserve that matters because Bhutan-linked institutions still describe Bitcoin as a strategic asset.

What Arkham data shows about Bhutan's Bitcoin holdings

Before and after Bhutan's tracked reserve

Arkham wrote on Sept. 17, 2024 that the Royal Government of Bhutan held just over 13K BTC worth $764 million, and its March 31, 2026 roundup put the country's stash at about 4K BTC worth $264 million. That public before-and-after benchmark implies Bhutan's tracked holdings were lower by roughly 69% over that span.

Arkham's March 31, 2026 research still ranked the Royal Government of Bhutan, via Druk Holdings, as the fifth-largest verified government BTC holder. For readers tracking sovereign reserves, that means Bhutan remains relevant even after the reported drawdown.

Cointelegraph reported on April 9, 2026 that Arkham-linked Bhutan wallets moved 319 BTC worth about $22.68 million, leaving a tracked balance of 3,654 BTC. Because the available materials do not include a public government filing or a block-explorer record tied to an official Bhutan statement, that outflow is best read as evidence from labeled wallets rather than conclusive proof of a realized sale.

Why Bhutan's Bitcoin stash may have shrunk

Possible treasury management explanations, not confirmed motives

Arkham's Sept. 17, 2024 research note said Bhutan's coins came from government-funded mining operations rather than seizures. That matters because mined reserves are easier to interpret as a treasury asset that can be sold, pledged, or rebalanced over time.

An IMF Selected Issues paper dated Jan. 8, 2026 said Bhutan likely held more than 10,000 BTC worth over $1 billion by mid-2025 and added that authorities neither deny nor corroborate Arkham's estimates. That official caution is why the public data can show a shrinking wallet balance without proving the government's precise motive for each transfer.

Gelephu Mindfulness City's official Bitcoin Development Pledge says up to 10,000 BTC may be committed to the Gelephu BTC Reserve through collateral, yield strategies, and long-term holdings. Because Arkham's public benchmark fell from just over 13K BTC to about 4K BTC while a Bhutan-linked policy document still contemplates 10,000 BTC for reserve use, the public record points to a more complex reserve-management story than a simple national retreat from Bitcoin.

With Arkham's public benchmark falling from just over 13K BTC to about 4K BTC while Gelephu still contemplates up to 10,000 BTC for reserve use, Bhutan looks closer to a treasury-management case than to a full policy reversal. That is the same balance-sheet question investors weigh in TrustsCrypto's recent coverage of crypto treasury firms, even though no official Bhutan rationale was included in the available materials for this story.

What the reported drawdown could mean for Bhutan's crypto strategy

Profit-taking, rebalancing, or lower headline exposure

A reserve that fell from just over 13K BTC to about 4K BTC in roughly 18 months can reasonably be read as profit-taking, portfolio rebalancing, or a decision to keep strategic exposure while lowering the visible stash. The available sources do not let readers distinguish cleanly among those scenarios.

The valuation shift from $764 million to $264 million also matters because smaller state-held reserves carry less direct market exposure and less symbolic weight than they did at the earlier benchmark. For comparison, reserve management through staged transactions is different from a one-off treasury move such as the Ethereum Foundation's recent ETH-to-DAI sale, but both are closely watched because large holders can change supply expectations.

For ordinary investors, the most practical point is that Bhutan still appears on Arkham's list of major sovereign holders even after the decline to about 4K BTC. If additional Bhutan-linked wallets move coins from that remaining reserve, traders will likely treat those flows as a policy signal, not just routine wallet activity.

How much confidence should readers place in on-chain labels?

Arkham's labels are useful because they offer a public record of wallet balances tied to Bhutan and Druk Holdings, but they are not the same thing as an audited state balance sheet. The distinction matters because the move from just over 13K BTC to about 4K BTC is visible in public research, while the intent behind each outflow is not.

The IMF's Jan. 8, 2026 note that Bhutanese authorities neither deny nor corroborate Arkham's estimates is the clearest warning against overstating certainty. For readers, the safest conclusion is that Bhutan's Arkham-tracked reserve is materially smaller, not that every detected outflow was necessarily an open-market sale, a distinction that also matters in broader oversight debates such as the CFTC Innovation Task Force's focus on crypto markets.

What to watch next

The next useful checkpoint is whether Arkham's public benchmark stays near about 4K BTC or falls closer to the 3,654 BTC figure cited by Cointelegraph. A widening gap between those public benchmarks would sharpen questions about whether Bhutan is selling, reshuffling custody, or moving coins into structures not fully visible through the existing labels.

Readers should also watch for any official clarification on how the up to 10,000 BTC Gelephu reserve concept relates to the shrinking balance visible in Arkham's research. If that policy language is matched with new disclosures, Bhutan could move from being a wallet-label story to a clearer sovereign Bitcoin strategy story.

FAQ: Bhutan Bitcoin holdings and Arkham's findings

What does Arkham data reportedly show?

Arkham's public research moved Bhutan's tracked stash from just over 13K BTC on Sept. 17, 2024 to about 4K BTC on March 31, 2026. That supports the view that the country holds far less Bitcoin in publicly labeled wallets than it did in late 2024.

Does Bhutan still hold Bitcoin?

Yes. Arkham's March 31, 2026 benchmark lists Bhutan at about 4K BTC, while Cointelegraph's April 9, 2026 report cited a lower tracked figure of 3,654 BTC. Either way, the country still appears to control a meaningful reserve.

Why does the reported sell-down matter?

It matters because Bhutan remains a notable sovereign holder even after the move to about 4K BTC, and because Bhutan-linked policy language still contemplates up to 10,000 BTC for reserve use. That combination tells investors to watch both wallet data and official policy statements before drawing firm conclusions about the country's long-term Bitcoin posture.

Disclaimer: This content is for informational purposes only and does not constitute financial advice.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making any investment decisions.