Bhutan Sells Another Chunk of Its Massive Bitcoin Holdings
The Bhutan government has continued its Bitcoin selling spree, transferring 400 BTC ($31.78M) on September 7, 2026, from its wallets to another wallet, indicating a clear intention to sell. This latest transaction brings the kingdom's Bitcoin reserves down to just 518 BTC ($41 million), down from an all-time high of 13,390 BTC in October 2024.
The state's crypto arm, Druk Holding and Investments, conducted this transaction, which is part of a series of transfers totaling hundreds of millions of dollars. Bhutan has been steadily reducing its reserves over the past couple of years, with earlier transactions involving thousands of BTC being transferred directly to centralized exchanges like Binance as well as institutional entities like Galaxy Digital and QCP Capital.
The country's Bitcoin pile was accumulated through extensive mining operations that the local government once incentivized, drawing miners who relocated and started operations in Bhutan due to its abundant hydroelectric resources. However, in a policy shift, the Bhutanese government decided to gradually end its exposure to BTC and has been actively selling its stockpile for the last 2 years.