Bhutan Bitcoin reserve sales continued after the kingdom moved another 100 BTC worth $8.1 million from its holding wallets.
The transfer extends a 2026 liquidation that has crossed $230 million. Bhutan still holds about 3,119 BTC worth $252 million, but the current pace could reduce that reserve by September.
A Sovereign Seller Moves Gradually
Arkham Intelligence has tracked repeated Bitcoin outflows from wallets linked to sovereign holdings. The country has sold $230.39 million in BTC since the start of 2026 and appears to be reducing exposure by $50 million per month.
Reports indicate that Bhutan has often routed coins through a Singapore- based trading firm QCP Capital. In March, the government moved over $120 million in Bitcoin, including one transfer of 519.7 BTC worth $36.75 million.
Bhutan’s crypto reserve. Source: Arkham Intelligence.
Bhutan’s reserve reached 13,295 BTC in October 2024. Druk Holding and Investments, the state investment arm, has not issued a public schedule for future sales. It has also not confirmed whether Bhutan plans to fully exit its Bitcoin position.
Bhutan’s crypto reserve. Source: Arkham Intelligence.
Gelephu Mindfulness City Gains Crypto Focus
The drawdown comes as Bhutan advances Gelephu Mindfulness City, a special administrative and economic zone in the country’s south. In December 2025, King Jigme Khesar Namgyel Wangchuck announced that up to 10,000 BTC, then valued near $1 billion, would support the project.
Officials said the deployment would follow strict oversight, transparency, and prudence. The planned uses included Bitcoin-backed lending, collateral structures, and treasury yield strategies.
GMC has launched a faster licensing route for firms already regulated in major financial centers such as Singapore, Abu Dhabi Global Market, and Hong Kong. Companies that incorporate and secure a license in the city also receive a corporate account with DK Bank.
DK Bank offers multi-currency accounts, digital asset services, BTC-backed lending, and fiat to crypto rails. The framework includes zero corporate tax for qualifying investments, no capital gains tax, no dividend tax, and foreign talent tax exemptions through 2030.
Mining Pressure Changes Strategy
Bhutan began mining Bitcoin in 2019 using surplus hydroelectric power from glacier-fed rivers. The strategy helped the nation build one of the world’s largest sovereign Bitcoin positions.
However, the April 2024 Bitcoin halving cut mining rewards and raised production costs. Mining output has slowed from the estimated 8,200 BTC produced in 2023, while large deposits into Bhutan-linked wallets have not appeared for more than a year.
If the current pace continues, Arkham projects that Bhutan could exhaust its reserve by the third quarter of 2026. A full sale near Bitcoin’s price of about $81,000 could leave the kingdom with roughly $767 million in on-chain profit.
