The Royal Government of Bhutan has sold over $200 million in Bitcoin in 2026, according to on-chain data from Arkham. The sales have reduced the nation's holdings by 75% from their peak, a move that contrasts sharply with a broader trend of accumulation by other nation-states.
The Royal Government of Bhutan sold another $23 million in Bitcoin this week, extending its total 2026 sales to over $200 million and cutting its reserves by 75% from their peak.
"The tracked wallets held 6,000 BTC at the end of 2025," Arkham Intelligence data shows. "As of writing, the stash has dropped by nearly half to 3,220 BTC."
The sales involved a transfer of 201 BTC ($15 million) on Thursday and 102 BTC ($7.9 million) on Wednesday. Since peaking at 13,000 BTC in 2024, Bhutan's reserves have been significantly drawn down. The recent activity follows a $40 million dump in early April alone.
Bhutan's strategy of selling its state-mined Bitcoin to fund economic development now appears to be in a new phase, with no new inflows suggesting a potential halt to its hydropower-fueled mining operations. This divestment runs contrary to the broader nation-state trend, where sovereign Bitcoin holdings have increased by 26% to 649,800 BTC since October 2025, according to data from Bitcoin Treasuries.
The accelerated selling pressure from Bhutan comes at a time of market uncertainty. Analysis from CryptoQuant suggests that contracting spot market demand, paired with a rise in perpetual futures activity, mirrors market conditions from 2022 that preceded a price decline.
For years, Bhutan leveraged its significant hydropower resources to mine Bitcoin at a low cost. These assets were then strategically sold to finance national projects. However, Arkham data indicates a lack of recent inflows to the government's known wallets, raising questions about whether the mining operations have been paused.
The divergence in strategy is stark. While Bhutan sells, the overall portfolio of nations holding Bitcoin has grown steadily. This accumulation by other sovereign entities provides a supportive counterbalance, though the ultimate impact on Bitcoin's price structure remains to be seen, especially heading into the historically slower summer trading period.
This article is for informational purposes only and does not constitute investment advice.
