Bhutan Accelerates Bitcoin Sales, Reducing Holdings to 3,100 BTC

A Dramatic Reversal in Sovereign Holdings

Bhutan's Bitcoin position has collapsed in less than a year. The country held nearly 13,000 BTC in late 2024 but now owns roughly 3,100 BTC, worth about $252 million at current prices. The kingdom built its stash through state-backed mining launched in 2019, leveraging surplus hydroelectric power to generate Bitcoin at near-zero cost.

Sales began in late 2024 with a 2,077 BTC tranche worth $163 million, followed by bursts including a $100 million liquidation in September 2025. Arkham Intelligence projected that at Bhutan's current rate of selling, the country will run out of BTC before the end of September. But Markus Levin of XYO noted the pace has been uneven—bursts rather than a steady drain—making exact timelines uncertain.

Treasury Strategy, Not Capitulation

Analysts frame the sales as deliberate sovereign wealth management, not panic selling. Lacie Zhang of Bitget Wallet characterized the transfers as reflecting "an active sovereign treasury strategy rather than a bearish signal." Levin went further, suggesting that "selling Bitcoin at $80k may be the smartest sovereign wealth move of the decade," given that Bhutan mined most of its holdings at near-zero cost.

The kingdom has also designated Bitcoin, Ethereum, and BNB as strategic reserves for Gelephu Mindfulness City, its flagship development project. In December, Bhutan pledged up to 10,000 BTC (then worth approximately $1 billion) toward the city's development. Gelephu Mindfulness City recently unveiled an accelerated licensing pathway for globally regulated firms, signaling ambitions to become a crypto-friendly hub.

Bitcoin is trading at $80,500, down 0.3% in the past 24 hours and more than 36% from its all-time high of $126,080.