Key Takeaways
- Bhutan could run out of Bitcoin by September.
- The kingdom has quietly reduced a once-massive treasury.
- Crypto ambitions remain intact despite sales.
Bhutan’s rapid Bitcoin sales are raising questions about how long one of the world’s biggest sovereign crypto holders can maintain its reserves — even as the Himalayan kingdom continues its ambitions to become a regional digital-asset hub.
It comes as blockchain analytics platform Arkham said Bhutan could exhaust its Bitcoin reserves by the end of September if current selling patterns continue.
Bhutan’s Bitcoin Reserve Shrinks Rapidly
On Tuesday, Bhutan transferred another 100 BTC, worth around $8.1 million, from wallets linked to the country’s sovereign investment arm, according to Arkham.
The analytics firm estimates that the country has sold more than $230 million in Bitcoin since the start of 2026 and is currently disposing of roughly $50 million per month.
Despite the continued sales, Bhutan still controls approximately 3,119 BTC — worth about $252 million at current market prices — according to Arkham data.
That represents a sharp decline from holdings estimated at roughly 13,000 BTC in late 2024, with nearly 3,000 BTC sold since the beginning of this year alone.
At the current pace, and assuming no significant new mining inflows or major changes in Bitcoin prices, Bhutan’s remaining treasury could be depleted within roughly five months.
Even so, the country remains among the world’s largest known sovereign Bitcoin holders.
Data from Bitcoin Treasuries ranks Bhutan as the eighth-largest nation-state holder of the cryptocurrency, behind the US, China, the UK, and El Salvador.
A Quiet, Institutional Selling Strategy
Bhutan’s Bitcoin disposals have largely occurred away from public exchanges, with transfers routed through institutional counterparties and trading desks rather than through open-market sales.
The kingdom began noticeably reducing its holdings around mid-2024 after years focused almost entirely on accumulation through state-backed mining operations powered by hydropower.
By the end of 2024, on-chain data indicated Bhutan had sold more than 2,000 BTC during the second half of the year.
Rather than executing large visible dumps, the transactions were typically broken into smaller transfers sent to recurring wallet addresses.
The pace accelerated in 2025 and has continued through 2026.
In February, wallets linked to Bhutan moved roughly $30 million in digital assets through a series of transfers.
March saw another wave of activity, including a transfer window involving nearly 1,000 BTC valued at more than $70 million at the time.
Unlike governments that seize Bitcoin through criminal investigations or hold confiscated assets passively, Bhutan appears to be operating more like a long-term institutional investor.
How Bhutan Built One of the World’s Largest Bitcoin Treasuries
Bhutan’s Bitcoin reserves are unusual because the country did not acquire them through open-market purchases.
Instead, Bhutan quietly built its holdings through state-supported Bitcoin mining operations that began around 2019, using surplus hydropower generated by the country’s extensive renewable energy infrastructure.
With abundant low-cost electricity and limited domestic power demand, Bhutan emerged as one of the few countries able to mine Bitcoin profitably at scale using renewable energy.
Mining activity expanded significantly during the crypto bull market, and by 2023, the country had accumulated thousands of BTC at a very low production cost.
At its peak, Bhutan’s holdings were estimated at around 13,000 BTC.
But industry conditions shifted following Bitcoin’s 2024 halving event, which cut mining rewards in half and sharply increased operational pressure across the sector.
Since then, Bhutan’s accumulation appears to have slowed while sales activity accelerated.
The proceeds are believed to support the country’s broader economic development initiatives.
One key project is Gelephu Mindfulness City (GMC), a planned economic and financial zone focused on sustainability, technology, and digital infrastructure.
Reports have suggested Bhutan earmarked as much as 10,000 BTC toward the initiative.
Crypto Expansion Continues Despite Bitcoin Liquidations
This week, GMC unveiled a fast-track licensing framework aimed at crypto and financial firms already regulated in major international financial centers, including Singapore, Hong Kong, and Abu Dhabi Global Market.
Under the framework, companies that secure licenses in GMC would also receive integrated banking access through DK Bank, allowing firms to incorporate operational bank accounts through a single process.
The initiative includes support for multi-currency banking and BTC-backed lending.
GMC is also offering a range of tax incentives designed to attract international capital, including potential 0% corporate tax treatment for qualifying sectors and no capital gains taxes.
Officials said the goal is to create a regulatory environment that allows digital asset businesses to scale more efficiently while maintaining oversight standards.
“GMC is designed to remove friction from the system,” said Jigdrel Singay, board member and digital assets lead at Gelephu Mindfulness City.
“If a company has already demonstrated credibility in leading jurisdictions, we recognize that — and enable them to move faster.”
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
