The government of Bhutan has recently accelerated the liquidation of its state-affiliated Bitcoin wallets, selling off a significant portion of its BTC holdings in the past several months. Reports indicate that since the start of 2026, Bhutan has sold more than $200 million worth of Bitcoin. Current estimates suggest the nation’s remaining balance is between 3,400 and 3,800 BTC, equating to a market value of roughly $263 to $272 million.
Steady outflows since 2024
Bhutan’s notable Bitcoin reserves were accumulated as a result of state-sponsored mining operations, leveraging the country’s surplus hydroelectric power. At the end of 2024, Bhutan’s BTC holdings reached a record high of nearly 13,000 BTC. However, since then, more than 70% of this reserve has been transferred out, with blockchain data revealing that 9,579 BTC have been sold during this period. The latest detected transfer involved 100 BTC, worth about $7.8 million, leaving the government-controlled wallets.
Rather than dumping large amounts in a single transaction, Bhutan has opted to offload its Bitcoin in smaller batches, typically ranging from $5 million to $10 million per transaction. Transfers have been distributed across various exchanges, investment firms, and unnamed wallets. This suggests a deliberate, cautious approach instead of sudden or indiscriminate selling.
From strategic mining to asset liquidation
Unlike the Bitcoin reserves of some governments seized by law enforcement, Bhutan’s large BTC savings were steadily built via reliable, domestically sourced energy and state-owned mining operations. This strategy enabled Bhutan to become one of the largest Bitcoin-holding governments worldwide.
Recent on-chain analyses reveal, however, that there has been little to no notable influx of newly mined BTC for over a year. As new mining output has slowed, every coin sold further diminishes Bhutan’s leftover reserve. Industry analysts warn that, should current trends persist, the country’s BTC supply could be completely depleted by around October 2026.
Profits and uncertainty ahead
Estimates put Bhutan’s cumulative profits from Bitcoin liquidations above $750 million. The country’s advantage lies in its exceptionally low electricity costs, allowing it to mine BTC at a fraction of the expense faced by market buyers. According to data from CryptoAppsy, Bhutan still controls about 3,400 to 3,800 BTC, with an approximate total value close to $272 million.
Nonetheless, developments such as shifts in Bitcoin’s price, changes to the pace of sales, or a strategic policy shift by the government could alter these forecasts. There is ongoing uncertainty about whether all of the remaining reserve will be sold or if some will be permanently retained for strategic reasons.
To date, the Bhutanese authorities have not offered the public detailed guidance regarding the long-term plans for these BTC assets—whether for sale or other uses. The continued withdrawal of funds from official wallets, however, hints that the sales may continue for some time.
Blockchain records show that Bhutan’s state-accumulated Bitcoin reserves, which were gathered through government-backed mining, have decreased significantly over the past two years due to ongoing sales.
