Bhutan has liquidated more than 70 percent of its Bitcoin holdings over the past 18 months, sparking fresh debate over the direction of the country’s high-profile sovereign mining initiative.
Bhutan’s BTC stash shrinks amid mining pause
Recent blockchain data points to a significant and ongoing reduction in the size of Bhutan’s Bitcoin reserves. As of now, the Himalayan kingdom’s primary crypto wallet contains just under 3,800 BTC—a steep decline from the 13,000 BTC it controlled in October 2024.
Druk Holding and Investments (DHI), the government-owned firm managing Bhutan’s portfolio, began accumulating Bitcoin in 2019. Leveraging surplus hydroelectric power for mining, DHI propelled Bhutan—the small, mountainous nation between China and India—into global headlines as one of the top state-level Bitcoin holders.
However, the latest analytics from Arkham Intelligence show that the flow of freshly mined BTC into Bhutan’s treasury has slowed to a trickle. The country has reportedly not gained more than $100,000 worth of newly mined coins in over a year, leading to questions about a potential suspension or wind-down of its mining operations.
In 2026 alone, Arkham tracked $215.7 million in BTC transfers out of Bhutan’s wallets, with the most recent movement involving 250 BTC. The consistent outflows have drawn attention from the crypto community and market watchers, who are focused on sovereign adoption trends.
Arkham observed Bhutan’s mining activities appear to have ended around November 2024. This suggests the state may have made a strategic decision to exit or pause direct Bitcoin production activity.
Bhutan appears to have ceased mining as of November 2024, according to Arkham’s analysis of blockchain transactions.
Major firms ramp up Bitcoin sales
Other major players in the Bitcoin market have also sold significant holdings recently. Several publicly listed mining companies and corporate treasury teams have reduced exposure through large-scale liquidations over the past few months.
Among them, Cango offloaded 2,000 BTC in March to retire crypto-backed loans, leaving a balance of 1,025 BTC. MARA reported the sale of 15,133 BTC from March 4 to March 25 for around $1.1 billion as part of a convertible debt repurchase plan totaling $1 billion.
Riot Platforms joined these sales, selling 3,778 BTC during the first quarter of 2026 for approximately $289.5 million. Blockchain records indicate more recent BTC transfers from both MARA and Riot, hinting at continued divestment.
Smaller holders have also joined the trend. Genius Group liquidated its entire 84.15 BTC treasury at the start of April to pay down $8.5 million in debt. Nakamoto Holdings parted with roughly 284 BTC in March, accepting a realized loss versus its average purchase price.
This wave of selling stands in contrast to MicroStrategy, a U.S.-based technology firm, which expanded its Bitcoin holdings by acquiring 44,377 BTC in March alone. MicroStrategy’s total reserves now exceed 766,970 BTC, highlighting its distinctive accumulation strategy even as other institutional investors opt to de-risk.
