Bhutan has moved another 100 Bitcoin, worth $8.1 million, from its holding wallets, continuing a steady sovereign sell-off that has drawn down its reserves by 70% since late 2024.
The Himalayan kingdom now holds about $252 million in Bitcoin, down from roughly 13,000 BTC to around 3,100 BTC today.
According to blockchain analytics firm Arkham Intelligence, at the current pace of roughly $50 million per month, Bhutan will exhaust its Bitcoin reserves by the end of September.
Unlike most sovereign Bitcoin holdings which come from seizures, Bhutan built its stash through state-backed mining powered by surplus hydroelectric power. That means the vast majority of these coins were mined at near-zero cost.
Analysts say this is not a bearish signal, but rather an active sovereign treasury strategy. Lacie Zhang of Bitget Wallet describes it as a "hold and optimize" approach - managing volatility, realizing profits during strength, and reallocating capital for national development, including building schools, paying salaries, and funding the new Gelephu Mindfulness City.
Despite the sell-off, Bhutan's crypto push continues. This week, Gelephu Mindfulness City unveiled an accelerated licensing pathway for globally regulated digital asset firms, with integrated banking access via DK Bank.