The government of Bhutan has been strategically selling its Bitcoin holdings for the third consecutive week, recently netting approximately $29 million. This comes amidst a period of active management of its substantial cryptocurrency portfolio, which at its peak exceeded $1 billion. As Bitcoin prices hover around $65,000, Bhutan continues to hold about 5,700 BTC, valued at around $372 million.
Over the last five months, Bhutan has sold more than $100 million in Bitcoin, with recent on-chain data from Arkham Intelligence indicating that the country offloaded about $6.7 million in BTC on February 12. This sale follows an organized pattern of transactions, which began in late January when Bhutan transferred approximately 100.8 BTC, worth $8.3 million, to QCP Capital, an institutional market maker. The subsequent week saw a larger divestment of 184 BTC valued at around $14 million.
This ongoing strategy reflects Bhutan’s methodical approach in navigating the cryptocurrency market. Historically, the country has engaged in larger sales, often totaling around $50 million at a time. Cumulative sales since September 2025 have approached $129 million, although actual amounts could be higher if untracked wallets are accounted for. The latest incremental sales, averaging between $9-10 million weekly, suggest a more reserved tactic, likely designed to minimize market disruption amid Bitcoin’s price fluctuations.
Despite these sales, Bhutan remains a formidable player in the Bitcoin landscape, holding significant reserves that demonstrate a remarkable reduction from its peak of 13,295 BTC in October 2024. This reduction signifies the sale of roughly 7,595 BTC. Notably, Bhutan’s Bitcoin holdings have been primarily amassed through mining rather than direct purchases, distinguishing it from other countries, such as El Salvador, that have adopted a more traditional purchasing approach.
The origins of Bhutan’s Bitcoin mining efforts trace back to 2019 through Druk Holding and Investments (DHI), the sovereign investment entity. Utilizing the country’s abundant hydropower resources, Bhutan has established a mining operation that is both energy-efficient and sustainable. The venture has transformed previously underutilized renewable energy into significant revenue, enabling the country to accumulate an estimated $765 million worth of Bitcoin. Profits generated from this endeavor have been directed into various national development projects, including the ambitious Gelephu Mindfulness City initiative, which aims to leverage up to 10,000 BTC for economic expansion.
Despite the challenges posed by a reduction in mining rewards following the Bitcoin halving in April 2024, which decreased block rewards from 6.25 BTC to 3.125 BTC, Bhutan remains focused on maintaining a balanced approach between liquidating assets and holding reserves to counterbalance rising operational costs. DHI oversees these mining operations, integrating them into the national grid to minimize environmental impacts, ensuring Bhutan maintains a foothold in the green cryptocurrency market.
As Bhutan continues to navigate the complexities of the digital currency realm, its actions serve as a potential blueprint for other nations exploring the integration of cryptocurrency into their economic strategies, particularly in leveraging renewable resources for sustainable financial growth.
