Bhutan has sold 70% of its Bitcoin (BTC) reserves in the past 18 months, raising questions about the future of its once-in-a-lifetime experiment.
A detailed analysis from Arkham Intelligence paints a picture of a systematic, deliberate dismantling of the Himalayan government’s financial system.
Bhutan’s Bitcoin Experiment Is Running Out of Steam
Wu Blockchain reported $215.7 million in BTC transferred out of Kingdom wallets in 2026 only. In addition, the latest data from Arkham revealed that Bhutan moved another 250 BTC about 18 hours ago.
The change leaves the wallet with approximately 3,774 BTC, a significant drop from 13,000 BTC in October 2024.
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Druk Holding and Investments (DHI), the government fund that manages Bhutan’s reserves, started BTC mining in 2019. using surplus hydroelectricity strength. The operation turned a small, borderless Himalayan kingdom into one of the world’s most independent Bitcoin states.
However, the data shows that Bhutan has not received mining revenue of more than $100,000 in more than one year. This shortage has led to speculation that the kingdom could halt its mining operations with the help of hydropower.
“Bhutan looks set to stop mining as of ~ November 2024,” Arkham has been sent.
Miners and Treasury Firms Join Bitcoin Sell-Off
Bhutan is not the only organization that limits the exposure of BTC. Several public traders and Bitcoin Treasury companies have increased withdrawals in recent months, though each for different reasons.
Cango sold 2,000 BTC in March to have a good rest Bitcoin-backed loans, leaving his wealth at 1,025 BTC. MARA sold 15,133 BTC approximately $1.1 billion between March 4 and March 25 to resell $1 billion in convertible notes
Another mine, Riot Platforms, downloaded 3,778 BTC at the time Q1 2026 approximately $289.5 million. In particular, another transfer from MARA and Riot was recorded in April, implying another sale.
Smaller carriers have also reduced space. The Genius Group he solved all his problems 84,15 BTC Treasury on April 1 to repay $ 8,5 million in debt. In addition, Nakamoto Holdings was sold about 284 BTC in March approximately $20 million, which resulted in a loss relative to its average cost.
The marketing wave is different from MicroStrategy, who bought it 44,377 BTC in March alone and now they are holding at 766,970 BTC.
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A note Bhutan Takes Down 70% of Bitcoin Stash as Mining Operations Dry Up appeared for the first time BeInCrypto.
