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Bhutan moved another 100 $BTC worth about $7.83 million from state-linked wallets, according to on-chain data from Arkham Intelligence, extending a gradual reduction of its national Bitcoin holdings.
The transfer is part of a broader liquidation strategy overseen by the Royal Government of Bhutan, which has been steadily trimming one of the largest sovereign Bitcoin positions accumulated through hydropower mining.
Arkham said in a post on X, “Bhutan is selling Bitcoin. Bhutan just moved another 100 $BTC ($7.83M) out of its holding wallets. At this rate, they will have sold all of their $BTC by October this year.” The latest transfer brings Bhutan’s 2026 sales to about $206.98 million. As a result, the pattern indicates a controlled drawdown rather than sudden or reactive selling.
Hydropower Mining Turns Into Liquidation Cycle
Bhutan has been able to stockpile its Bitcoins through state-sponsored mining using excess power generated through hydropower. Druk Holding and Investments started acquiring their digital currencies around the year 2019, using excess energy produced through their power grids.
At its peak in 2024, Bhutan held more than 13,000 $BTC. Today, blockchain data shows that the figure has dropped to about 3,421 $BTC. As a result, the country has already sold roughly 9,579 $BTC over time.
On-chain data further shows there is no new mining, indicating that mining operations in Bhutan have come to a standstill.
Bhutan has been selling more than 70% of its Bitcoin assets since the end of 2023. These were transferred through exchanges, OTCs, and intermediaries. Also, the sales were consistent and ranged from $5 million to $10 million.
Market Impact and Sovereign Strategy Shift
On-chain analytics show that Bhutan has generated around $758 million in profits through the sale of Bitcoin. With virtually no cost of production from hydropower mining, almost all revenues become profits. Experts forecast the liquidation process may be fully completed by October 2026 if the ongoing flows persist.
However, there has not been any public announcement about how Bhutan will go forward on this matter. Consistent transactions imply that there is a slow but gradual transition from cryptocurrency to financing the development of the country.
In addition, similar behavior can be seen among other market participants. Companies engaged in cryptocurrency mining, such as Cango and MARA, sold their Bitcoins to manage their finances. On the contrary, Strategy is consistently buying Bitcoin regardless of the price.
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