Royal Government of Bhutan is not done selling Bitcoin...

Bhutan Breaks a 30-Day Silence With Fresh Bitcoin Transfer

The Royal Government of Bhutan has returned to the market, transferring 434.87 $BTC worth approximately $27.93 million to exchange-linked addresses, according to on-chain data flagged by Lookonchain. The move ends a 30-day period of inactivity from the kingdom's tracked wallets and signals that Bhutan's steady monetization of its sovereign Bitcoin reserves remains ongoing.

The transfer fits a well-established pattern. Transfers to trading firms appear to reflect a planned treasury drawdown and liquidity management strategy rather than panic selling, with every sale effectively pure profit given Bhutan's near-zero mining costs. Bhutan has typically broken sales into smaller batches rather than executing large single transactions.

A Sovereign Reserve in Steady Decline

The state-owned investment arm Druk Holding and Investments (DHI) accumulated Bitcoin through mining operations powered by the country's abundant hydroelectric resources, but holdings have fallen sharply from a peak of roughly 13,000 BTC. At its peak in late 2024, the country's holdings were estimated at nearly 13,000 BTC. Since then, more than 70% of that balance has been moved out through repeated transfers.

Bhutan has sold more than $200 million worth of Bitcoin since the start of 2026. Bhutan's realized profit from Bitcoin is estimated at more than $750 million, and because the coins were mined using domestic hydropower, the cost basis may be far lower than open-market purchases.

The April 2024 block reward halving doubled the cost of producing each coin, and Bhutan's mining output experienced a significant drop compared to 2023, a period when the country mined an estimated 8,200 BTC. It has now been over a year since Bhutan registered a mining inflow exceeding $100,000 to its identified addresses. Without fresh production replacing sold coins, the reserve continues to shrink with each transfer.

The government previously pledged up to 10,000 BTC for its Gelephu Mindfulness City project, but current reserve levels have dropped to a point where achieving that target appears increasingly difficult. At the current pace, analysts estimate that Bhutan's remaining Bitcoin could be exhausted by around October 2026, assuming the government continues selling at recent rates and does not restart major mining operations.

Sources:
CoinDesk: Bhutan moves another 500 Bitcoin to exchanges as 2026 outflows top $150 million
CoinPaper: When Will the Royal Government of Bhutan Stop Selling Bitcoin?
Cryptopolitan: Bhutan sells another 100 BTC as sovereign reserve heads toward zero