Bhutan's Bitcoin Reserves Plummet to 3,954 BTC After Latest Sales

Bhutan's bitcoin reserve has seen a significant decrease in recent times, with the current holdings standing at approximately 3,954 BTC. This represents a sharp decline from its peak of around 13,000 BTC accumulated between 2019 and late 2024.

The onchain data suggests that no new mining inflows have been recorded in over a year, indicating continued treasury drawdown by Druk Holding & Investments (DHI). The firm has been responsible for the transactions, with recent sales totaling around $23 million in one instance and approximately $281 million at current prices.

The transfers seem to be part of treasury management and profit-taking rather than distressed selling. Proceeds from earlier sales have reportedly funded domestic expenses, including civil servant pay increases. Bhutan's low-profile approach to its bitcoin program means that no official government statement has accompanied the recent transactions.