Bhutan's Bitcoin Holdings Plummet Amid Industry Sell-Off

Bhutan's Bitcoin Reserves Plummet Amid Industry Sell-Off

The small Himalayan kingdom has been quietly accumulating value in the form of BTC for decades. With an abundance of clean electric power from large hydroelectric stations, Bhutan began mining thousands of bitcoins through a foreign and experimental banking process.

However, recent data suggests that the country's state-owned investment arm, Druk Holding and Investments, has been aggressively liquidating its Bitcoin reserves over the past 18 months. According to blockchain data provided by Arkham Intelligence, Bhutan has sold off nearly 70% of its holdings, reducing its reserve from approximately 13,000 tokens to just below 3,800.

The rate at which liquidations are taking place is increasing, with some market analysts estimating that an excess of $215 million worth of Bitcoin was moved out through the national wallets in 2026. The complete absence of new mining revenue has sparked intense speculation among market watchers that the country officially ceased its hydropower-backed mining operations late last year.

This move coincides with a broader industry sell-off, with major mining companies and corporate treasuries reducing their exposure to digital assets. For example, mining giant MARA recently sold over 15,000 Bitcoin—worth roughly $1.1 billion—between early and late March just to repurchase convertible notes.

Despite the turmoil in the market, one corporate player remains committed to its digital asset holdings: MicroStrategy. The software company has continued to scoop up Bitcoin, adding over 44,000 tokens to its total holdings of approximately 766,970 coins in March alone.