The Royal Government of Bhutan has been steadily reducing its Bitcoin position over the past 18 months, with a significant 70% decline in the country's Bitcoin reserves.
According to reports, Bhutan's Bitcoin holdings have dropped from approximately 13,000 BTC in October 2024 to around 3,954 BTC in April 2026. This trend suggests a systematic withdrawal from the country's mining operations, which were once one of the largest held by a government.
The sale of 250 Bitcoins on April 10 marks the latest move in Bhutan's BTC selloff. With its current Bitcoin holdings worth about $280 million, the country has not released any official statement explaining these sales, leaving the crypto community speculating about the reason behind this significant drop in Bitcoin holdings.
Some observers believe that Bhutan may have paused its mining operations due to a low revenue ratio since the last Bitcoin halving. Others think it could be more profitable for the country to sell hydropower to neighboring countries than to channel it to Bitcoin mining.