The government of Bhutan has rapidly accelerated its sale of Bitcoin holdings in recent months, moving from one of the world’s largest state-owned BTC portfolios to significantly lower reserves since the start of the year.
The country’s crypto journey
Bhutan’s well-known cryptocurrency reserves were primarily acquired through state-backed mining operations. The country leveraged surplus hydropower resources for large-scale mining activities, allowing it to accumulate Bitcoin directly through production rather than purchasing or seizing coins like some other states. Towards the end of 2024, it was estimated that government-controlled wallets held approximately 13,000 BTC. However, recent data indicates that the majority of these reserves have since been sold.
The latest reports suggest Bhutan’s reserve has dropped to between 3,400 and 3,800 BTC. At current market prices, this remaining holding is valued between $263 million and $272 million. These sales have mostly been executed in small batches through exchanges, trading firms, and over-the-counter (OTC) desks. The most recent transaction involved the transfer of 100 BTC—about $7.8 million.
Sales strategy and market reaction
Bhutan has adopted a cautious and calculated approach rather than causing disruption with mass sales on the open market. Instead of large block sales, the country has preferred splitting transactions into portions typically ranging from $5 million to $10 million. According to industry experts, this strategy reduces the risk of sudden price swings and enables Bhutan to liquidate assets in an orderly manner.
Meanwhile, wallet activity indicates that new state mining has slowed or may have ceased altogether, as there has been no significant influx of new Bitcoin in government wallets for over a year. This trend points to a steady reduction of Bhutan’s existing reserves with each sale.
Most of Bhutan’s Bitcoin profits have come at an extremely low cost thanks to domestic mining, resulting in estimated total returns exceeding $750 million—much higher than purchasing directly from exchanges, according to analysts familiar with the matter.
Future of the reserve and outlook
Analysts project that if the current pace of sales continues, Bhutan’s state-held Bitcoin could be depleted by around October 2026. However, these projections may shift if there are changes in the government’s sales policy or if BTC market prices move significantly. For now, Bhutan appears to remain focused on converting its crypto reserves into cash. Nevertheless, officials have yet to release a comprehensive statement outlining their long-term Bitcoin strategy.
Located in South Asia at the foothills of the Himalayas, Bhutan is a small kingdom recognized for its commitment to sustainable energy investments and environmentally friendly policies. Its portfolio—comprised almost entirely of self-mined Bitcoin—sets Bhutan apart as a rare example of public sector crypto ownership.
These recent sales have further fueled international attention on Bhutan’s involvement in the crypto sector and its innovative use of national resources.
