Key Takeaways
- Bhutan has sold Bitcoin weekly for three straight weeks, totaling about $29 million recently.
- The country still holds roughly 5,700 BTC worth $372 million after earlier large sales.
- Holdings were built through hydropower-powered mining, not purchases, since 2019.
As Bitcoin trades around $65,000, the government of Bhutan has continued to sell its Bitcoin holdings for the third consecutive week.
Having accumulated over $1 billion in BTC at its peak, the Bhutanese government has strategically sold a significant portion of its holdings over the past five months.
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Bhutan Sold Over $100M in Bitcoin in the Last Five Months
According to on-chain data from Arkham Intelligence, Bhutan has sold another $6.7 million in Bitcoin on Feb. 12, marking the third consecutive week of BTC sales. In the last three weeks, Bhutan has sold approximately $29 million in Bitcoin.
Cumulative sales since September 2025 from these identified waves now approach $129 million, though the exact total could be higher if untracked wallets are involved.
The breakdown reveals a structured approach: In the first week, around late January, Bhutan transferred about 100.8 BTC, valued at $8.3 million, to addresses linked to the institutional market maker QCP Capital.
This was followed in the second week by a larger transaction of 184 BTC, worth roughly $14 million, and the latest one in the second week of February.
This periodic selling isn’t new; Arkham’s analysis indicates Bhutan typically offloads Bitcoin in tranches of around $50 million, with heavier activity in mid-to-late September 2025, where sales exceeded $100 million in aggregate.
The recent smaller increments, averaging about $9-10 million per week, suggest a more cautious strategy amid Bitcoin’s price dip below $70,000, possibly to minimize market impact or align with liquidity needs.
Bhutan Has Sold More than Half of its BTC
Bhutan currently holds about 5,700 BTC valued at $372 million at a BTC price of $66,000. Despite the ongoing sales, Bhutan remains a significant sovereign holder of Bitcoin.
This represents a substantial decline from a peak of 13,295 BTC in October 2024, when holdings were worth over $1.4 billion at higher market prices. The reduction implies sales of around 7,595 BTC since then.
Bhutan’s Bitcoin was almost entirely acquired through mining rather than direct purchases, setting it apart from nations like El Salvador, which bought BTC outright.
The kingdom began buying cryptocurrency in 2019 through Druk Holding and Investments (DHI), the sovereign investment arm, leveraging abundant hydropower resources to support energy-efficient operations.
Over the years, Bhutan has mined an estimated $765 million worth of Bitcoin, turning surplus hydroelectric power, often underutilized during non-monsoon seasons, into a revenue stream.
This acquisition method has allowed Bhutan to build reserves without depleting its foreign currency reserves, with profits funneled into national development, including the ambitious Gelephu Mindfulness City project, which pledges up to 10,000 BTC to economic growth.
Annual earnings from periodic sales have exceeded $200 million in recent years, underscoring Bitcoin’s role in diversifying Bhutan’s economy beyond tourism and agriculture
The Bitcoin Mining Story Behind Bhutan’s BTC Economy
At the heart of Bhutan’s Bitcoin story is its state-backed mining operation, which has positioned the country as a green crypto powerhouse. Launched in 2019, the initiative capitalizes on Bhutan’s vast hydropower capacity to generate clean energy at low cost.
A key partnership with Bitdeer Technologies aimed to scale up to 600 MW of mining power, potentially making Bhutan a top global miner.
However, on-chain data reveals a slowdown since the Bitcoin halving in April 2024, which slashed block rewards from 6.25 BTC to 3.125 BTC, elevating production costs and reducing profitability.
This has contributed to the recent sales, as Bhutan balances holding versus liquidating to cover rising expenses.
DHI oversees operations, with facilities integrated into the national grid to minimize environmental impact. While output has tapered, the setup remains efficient, producing BTC at costs far below global averages before the halving.
Future plans include expanding renewable energy ties, potentially reviving momentum if market conditions improve.
As Bhutan navigates this digital frontier, its strategy offers lessons for other nations eyeing crypto as a sovereign asset.
