Bhutan Sells 70% of Bitcoin Reserves as Mining Halts

Bhutan has transferred about 9,000 BTC since October 2024, reducing its holdings from roughly 13,000 BTC to about 3,774 BTC, according to on-chain analytics from Arkham Intelligence. Arkham recorded $215.7 million in bitcoin moved out of Bhutan-controlled wallets in 2026 alone and noted an additional transfer of 250 BTC recently.

The transfers follow a period of mining activity that began in 2019 when Druk Holding and Investments (DHI), the state-owned investment fund, used surplus hydroelectric power to mine bitcoin. Arkham’s data show no mining inflows larger than $100,000 to Bhutan-linked wallets in more than a year. Arkham posted: “Bhutan appears to have ceased mining as of ~November 2024.” DHI has not issued a public statement about the transfers or the status of its mining facilities.

Arkham’s on-chain records identify large outbound movements from addresses associated with the kingdom but do not specify where the coins were sent or whether the transfers were executed on exchanges or via over-the-counter desks.

The pattern of sales from Bhutan coincides with active selling by several miners and corporate holders in recent months. A miner identified as Cango sold 2,000 BTC in March to retire bitcoin-backed loans and now reports about 1,025 BTC in its treasury. Marathon Digital owner MARA moved 15,133 BTC between March 4 and March 25 for approximately $1.1 billion as part of a program that included repurchasing convertible notes. Riot Platforms transferred 3,778 BTC during the first quarter of 2026 for about $289.5 million, with further transfers recorded in April.

Smaller holders also reduced positions. Genius Group liquidated 84.15 BTC on April 1 to repay $8.5 million in debt. Nakamoto Holdings sold roughly 284 BTC in March for about $20 million, realizing a loss relative to its average cost basis.

Some firms continued to add to their bitcoin holdings. One large corporate buyer increased its position by tens of thousands of bitcoin in March. MicroStrategy added 44,377 BTC in March and now reports a treasury exceeding 766,970 BTC.

Arkham’s data provide an on-chain view of transfers and mining inflows but do not offer confirmation from Bhutanese authorities about operational decisions or the destinations of sold coins.