The Himalayan kingdom of Bhutan has significantly reduced its bitcoin reserves in recent months. According to data from analytics platform Arkham, the government along with state investment company Druk Holding & Investment has transferred hundreds more bitcoins, continuing a trend of gradual asset sales that began in late 2024.
The latest transactions included the transfer of approximately 319 BTC worth around $22.7 million. In total, Bhutan has transferred more than 9,000 bitcoins since October last year. During March 2026 alone, according to available data, the country transferred over 1,667 BTC, roughly $120 million.
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Reserves Declined, But Bhutan Remains Among Major Holders
While Bhutan held approximately 13,000 BTC at the end of 2024, its current reserves stand around 3,654 bitcoins. This represents a decline of approximately 70%. Despite this, the country maintains the position of the world’s fifth-largest state holder of bitcoin.
Only the United States with more than 328,000 BTC, the United Kingdom with 61,000 BTC, El Salvador with roughly 7,600 BTC, and the United Arab Emirates with approximately 7,000 BTC are ahead of Bhutan, according to publicly tracked data.
The Bhutanese government has not yet issued any official statement regarding these transfers. All information comes from wallet labeling and transaction patterns that analysts connect to government structures and the state fund Druk Holding & Investment.
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“Green Bitcoin” as Strategic Bet
Bhutan built its bitcoin position in a specific way. Unlike other countries that purchase cryptocurrencies, it focused on its own mining. To do this, it uses surplus energy from hydroelectric power plants, which is emission-free and has long been a key part of its economy.
The state operates data centers powered by water energy, where it mines bitcoin. By doing so, it converts surplus electricity into a digital asset that can be easily traded on global markets. The government presents this approach as part of the so-called “green bitcoin economy” and an effort to diversify income beyond traditional electricity exports.
At the same time, Bhutan is testing whether its “green-mined” bitcoins could be attractive to companies that want to meet ESG goals and reduce their carbon footprint.
Bitcoin as a Tool for New City Development
However, the country’s strategy does not end with mining. In December 2025, Bhutan unveiled a plan called the Bitcoin Development Pledge, under which it aims to allocate up to 10,000 BTC – worth roughly one billion dollars at that time – to support the development of the special administrative area of Gelephu Mindfulness City.
Bitcoin is to serve as a financial tool in this project for building a new economic center. The government is considering using the cryptocurrency as collateral, involvement in low-risk yield instruments, or its long-term holding as a strategic asset.
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Why Is Bhutan Selling?
The reasons for the current bitcoin transfers remain unclear. Several scenarios are possible – from profit realization following bitcoin price increases through financing infrastructure projects to active portfolio management as part of a broader economic strategy.
Bhutan is among the few countries that have managed to systematically mine bitcoin while also incorporating it into long-term economic policy. Current sales may thus not represent a departure from cryptocurrencies, but rather their active use as a tool of state financial strategy.
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