Bhutan moves $8.1 million Bitcoin, continues sovereign sell‑off

Bhutan’s state‑owned wallet shifted 100 BTC—about $8.1 million at current prices—on May 12, marking the latest tranche in a sovereign sell‑off that has already liquidated roughly $230 million since January and could deplete the reserve before the end of September if the current rate persists [1].

Ongoing liquidation pace

Arkham Intelligence tracks Bhutan’s on‑chain activity and notes that the 100 BTC move follows a pattern of monthly disposals averaging $50 million. At this rate, the nation’s remaining 3,100 BTC would be sold off before September’s close. The projection assumes a steady flow, which some observers argue does not reflect Bhutan’s historically irregular cadence—earlier large tranches (2,077 BTC in late 2024 and 519.7 BTC in March 2026) were interspersed with quieter periods [1].

Context and market impact

Bhutan’s Bitcoin reserve peaked at nearly 13,000 BTC in late 2024, valued at over $1.6 billion at the October 2025 all‑time high of $126,000 per coin. Since the 2024 block‑reward halving, mining output fell sharply, and on‑chain deposits above $100,000 have not appeared for more than a year, suggesting that active mining may have ceased [1]. A separate report from TradingView cites a 24‑hour outflow of 973 BTC worth $72.3 million, bringing holdings to about 4,400 BTC ($322 million) [2]. The discrepancy between the two holdings figures reflects differing cut‑off dates and the rapid pace of recent sales.

Sovereign strategy

Analysts describe the liquidation as a deliberate treasury move to monetize near‑zero‑cost mined Bitcoin while retaining some long‑term exposure. The proceeds support Bhutan’s broader digital‑asset agenda, including the Gelephu Mindfulness City project, where the king pledged up to 10,000 BTC (then worth roughly $1 billion) for development [1]. Because each sale generates profit regardless of price, the government can fund infrastructure without exposing the budget to mining volatility.

What to watch

• Bitcoin price levels: $30,000 and $25,000 thresholds could influence the speed of future disposals.
• On‑chain activity: Any large inbound transaction to Bhutan‑controlled wallets would signal a possible mining restart.
• Policy announcements: Statements from Druk Holding and Investments or the finance ministry regarding the Gelephu Mindfulness City funding plan.

Bhutan’s continued Bitcoin liquidation underscores how sovereign actors can leverage crypto gains for fiscal purposes, while also raising questions about the sustainability of their digital‑asset reserves as market conditions evolve.