Is Bhutan About To Exit Bitcoin Entirely?

Another Transfer Flags Continued Selling

The Royal Kingdom of Bhutan has transferred another 100 $BTC, worth approximately $8.1 million, out of its government holding wallets, according to onchain data tracked by Arkham Intelligence. The move is the latest in a steady pattern of sovereign Bitcoin disposals that has drawn close attention from crypto analysts and market observers.

According to Arkham data cited by @BSCNews, the kingdom has sold $230.39 million worth of $BTC since January 2025, with roughly $252 million still sitting in tracked wallets. Holdings have dropped from 13,000 BTC to under 4,000 since October 2024, with hundreds of millions moved out in 2025 alone.

At its current pace of approximately $50 million in sales per month, Bhutan is on track to fully exit its position before the end of September, per Arkham. If that exit is completed near current prices, the country stands to realise around $767 million in onchain profit.

State-Backed Mining and a Shifting Strategy

Bhutan accumulated roughly 13,000 Bitcoin since launching state-backed mining operations in 2019, primarily fuelled by hydroelectric energy. The holdings are managed by Druk Holdings and Investments, the sovereign wealth fund of Bhutan.

In an interview with Al Jazeera in March 2025, Prime Minister Tshering Tobgay noted that proceeds from Bitcoin sales have been used to fund healthcare, environmental initiatives, and public servant salaries. The sales appear structured rather than distressed. Onchain data shows repeated deposits to a QCP-linked WBTC merchant address, suggesting gradual treasury management rather than a single large liquidation.

However, Bhutan's last Bitcoin mining inflow over $100,000 was recorded more than a year ago, suggesting the kingdom may have wound down its mining operation entirely. Following the 2024 halving, mining became less efficient due to increased costs, which appears to have shifted the strategy toward monetising existing reserves rather than accumulating new ones.

Whether Bhutan's disposals represent a full strategic exit or continued treasury optimisation, the pace and scale of recent transfers make it one of the most closely watched sovereign Bitcoin stories of the year.

Sources:
The Block: Bhutan moves 250 BTC as 2026 outflows top $240 million
CoinTelegraph: Bhutan Transfers $11.8M in Bitcoin, Arkham
The Block: Bhutan moves over $72 million in Bitcoin amid growing outflows