The Kingdom of Bhutan has dramatically reduced its Bitcoin holdings, selling approximately 70% of its reserves over the past 18 months. From a peak of 13,000 BTC, the nation now holds just 3,954 BTC, valued at around $280.6 million. This year alone, $215.7 million in Bitcoin has been moved out of Bhutan's investment addresses.
Concurrently, evidence suggests Bhutan may have ceased its Bitcoin mining operations. The last recorded mining inflow exceeding $100,000 occurred over a year ago. This shift coincides with increased Bitcoin difficulty and reduced block rewards post-halving, making mining less economically viable. The kingdom's sovereign wealth fund, Druk Holding and Investments, has not commented on the sales or the status of its mining endeavors. This move contrasts with other major holders who are increasing their Bitcoin positions.