The Kingdom of Bhutan continues to download a large portion of Bitcoin (BTC) reserves that are about to be exhausted.
In line with this, the government has reduced its Bitcoin holdings by 70% within two years, according to data tracked by Arkham Intelligence.
Reserves have dropped from about 13,000 BTC in October 2024 to about 3,954 BTC, which is currently worth about $280.6 million.
The drop represents a reduction of 9,000 BTC, with a total trade of approximately $640 million during this period. In 2026 alone, Bhutan transferred between $120 million and $215.7 million in Bitcoin.
Indeed, the closure is overseen by Druk Holding & Investments, which has sold the product through a regular process rather than a sudden market move.
Transfers are usually handled by institutional agencies and wallets connected to exchanges, including those connected to Galaxy Digital, OKX, and QCP Capital.
Increasing the size of the business
At the same time, the latest blockchain applications show a growing trend. In April 2026, the transfer of about 319.7 BTC worth about $22.7 million was split between the new wallet and another one connected to the original exchange.
This followed many events in March, including the movement of 973 BTC worth about $ 72 million and 519.7 BTC transfer worth about $ 36.7 million, showing one of the highest selling periods.
The sale appears to be part of a deliberate hoarding strategy, by Bhutan gradually reduce contact while trying to reduce the disruption of the market by publishing regular events with their partners.
Meanwhile, the country has also largely stopped adding new Bitcoin from mining operations, with no significant amount recorded for over a year despite its previous reliance on hydropower-backed mining.
Proceeds from these sales are believed to go towards local development projects, including projects such as Gelephu Mindfulness City.
Despite its reduction, Bhutan remains one of the world’s largest Bitcoin holders, although its position is shrinking as the transaction continues.
