Bhutan Sells Another Chunk of Sovereign Bitcoin Holdings for $28M

The Royal Government of Bhutan's cryptocurrency stash has shrunk significantly since October 2024, when it held over 13,000 BTC worth more than $1 billion. Today, the kingdom's remaining holdings sit between 3,000 and 4,000 BTC.

In a recent transfer, the government sold 434.87 BTC for approximately $27.93 million, marking the end of a month-long pause in outflows. The sales are part of a larger pattern that has turned Bhutan into one of the world's most consistent sellers of its sovereign Bitcoin holdings.

Bhutan's crypto treasury was built through state-run Bitcoin mining operations powered by hydroelectric resources. However, new Bitcoin isn't flowing in to replenish what's being sold, as mining operations have reportedly slowed or come to a halt entirely.