Bhutan Continues Bitcoin Sell-Off With $72.3M Transfer During Crypto Market Decline
The Himalayan nation's Bitcoin holdings have dropped dramatically from a peak of over 13,000 coins in October 2024 to approximately 4,400 BTC currently.
Within the past day, the Himalayan Kingdom of Bhutan has moved more than $72.3 million worth of Bitcoin (BTC) out of its digital wallets, continuing its pattern of liquidating segments of its cryptocurrency reserves.
According to blockchain analytics platform Arkham Intelligence, Druk Holding and Investments (DHI), the state-controlled investment entity responsible for overseeing the nation's cryptocurrency mining activities and digital asset portfolio, has transferred in excess of 973 BTC through six distinct transactions during the last 24-hour period.
Additionally, on March 10, DHI executed transfers exceeding 175 BTC, worth approximately $11.8 million. Arkham noted that "Bhutan periodically sells portions of its Bitcoin in clips of $5 million to $10 million, with a particularly heavy period of selling around mid-late September 2025."
The small South Asian nation, situated between China and India, has implemented a national Bitcoin Development Pledge designed to bolster the Kingdom of Bhutan's sustainable economic growth via its cryptocurrency reserves and digital mining infrastructure. Last December, the nation announced plans to utilize 10,000 BTC from its treasury to facilitate construction of the Gelephu Mindfulness City (GMC), its special administrative region.
Based on current market valuations, Bhutan's remaining cryptocurrency holdings stand at over 4,400 BTC, representing a total value exceeding $322 million, as indicated by Arkham's compiled data.
According to Arkham, blockchain addresses under Bhutan's control haven't recorded BTC deposits surpassing $100 million for more than twelve months, leading to conjecture that the nation may have discontinued or significantly reduced its cryptocurrency mining activities.
DHI was contacted by Cointelegraph for comment regarding the status of its Bitcoin mining infrastructure, however no reply had been received at the time this article was published.
Throughout 2024 and 2025, the nation garnered significant attention for its utilization of sustainable energy resources to mine BTC, its creation of a strategic Bitcoin treasury, and its implementation of cryptocurrency-friendly legislative frameworks.
The nation's cryptocurrency reserves have contracted substantially from 2024 levels
During February, Bhutan executed transfers of more than 284 BTC, representing over $22 million in value, occurring alongside an extensive cryptocurrency market decline that has persisted following the October 2025 market collapse.
The market collapse pushed BTC prices down to approximately $60,000, representing a decline exceeding 50% from the cryptocurrency's peak price of roughly $126,000, though prices have subsequently experienced a modest rebound to present levels.
According to data from Arkham Intelligence, Bhutan's Bitcoin reserves reached their maximum in October 2024 at approximately 13,295 BTC, and the country has been systematically divesting portions of its cryptocurrency treasury since that period.
Had the nation maintained its 13,295 BTC holdings, the reserve would have commanded a valuation surpassing $1.6 billion at the record price level achieved in October 2025, shortly before the cryptocurrency market experienced its significant downturn.