Bhutan Sells $8.1M in Bitcoin as Sovereign Sell-Off Continues

TLDR

• Bhutan transferred 100 BTC worth $8.1 million as part of its ongoing Bitcoin sales.
• The country has sold about $230.39 million in Bitcoin since the start of the year.
• Bhutan now holds roughly 3,100 BTC valued at around $252 million.
• Arkham Intelligence said Bhutan continues to offload nearly $50 million in Bitcoin each month.
• Officials built the Bitcoin reserve through state-backed mining powered by surplus hydropower.

Bhutan has transferred 100 BTC worth $8.1 million as part of its ongoing Bitcoin sales. The move extends a broader disposal trend that has continued into 2026. Blockchain data shows the country has reduced its holdings sharply over the past year.

Bhutan Reduces Bitcoin Holdings Through Active Treasury Sales

Bhutan has sold about $230.39 million in Bitcoin since January, according to Arkham Intelligence. The firm said the country continues to offload nearly $50 million each month.

However, Markus Levin, co-founder of XYO, challenged that projection. He said Arkham’s timeline assumes steady sales, yet transfers have occurred in bursts.

On-chain data shows Bhutan now holds around $252 million in Bitcoin. The balance equals roughly 3,100 BTC, down from nearly 13,000 BTC in late 2024. Earlier disposals included 2,077 BTC worth $163 million in late 2024.

The country later executed a $100 million Bitcoin tranche in September 2025. Those sales followed quieter intervals during which no major transfers appeared. Levin said Bhutan mined most of its Bitcoin at “near-zero cost.”

He added, “Whatever they sell, it’s a profit.” He also said sovereign governments must fund schools and salaries. He stated that Bitcoin holding remains a luxury for entities without citizens.

Bitcoin trades at $80,500, according to CoinGecko data. The price has fallen 0.3% in 24 hours and over 36% from $126,080. Despite the decline, Bhutan continues to realize gains from mined holdings.

Bitcoin Strategy and Gelephu Mindfulness City Expansion

Lacie Zhang, research analyst at Bitget Wallet, described the transfers as strategic. She said the activity reflects “an active sovereign treasury strategy rather than a bearish signal.” She explained that Bhutan monetizes gains generated from hydropower-backed mining.

Bhutan began state-backed Bitcoin mining in 2019 using surplus hydroelectric power. Unlike many sovereign reserves, authorities did not obtain these holdings through asset seizures. Instead, the government built its reserve through direct mining operations.

Zhang said, “The key point is that these sales are being used to monetize gains.” She added that Bhutan seeks to fund development and diversify reserves while keeping long-term exposure. She said this reflects an evolution in sovereign reserve management.

Bhutan has also designated Bitcoin, Ethereum, and BNB as strategic reserves for Gelephu Mindfulness City. The Special Administrative Region sits in southern Bhutan and focuses on digital assets. In December, Bhutan pledged up to 10,000 BTC, then valued near $1 billion, toward the city’s development.

This week, Gelephu Mindfulness City introduced a faster licensing pathway for regulated firms. Authorities will allow companies from Singapore, ADGM, and Hong Kong to accelerate approvals. Firms can begin operations with integrated banking services through DK Bank.

DK Bank provides multi-currency accounts across nine currencies, including USD, EUR, SGD, and INR. The bank will waive fees for at least six months for licensed firms.

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