Bhutan has moved another 100 Bitcoin from its sovereign wallets, adding fresh sell‑side worries as the country’s known crypto reserves continue to shrink. On‑chain data tracked by Arkham Intelligence shows the latest transfer was worth roughly $7.8–8.1 million, depending on the exact execution price at the time. The move pushes Bhutan’s realized Bitcoin sales for 2026 close to $207 million and leaves the kingdom with a much smaller on‑chain stash than during its peak accumulation phase.
Bhutan presently possesses roughly 3,421 BTC in identified sovereign accounts, a steep decline from over 11,000 BTC less than two years ago. At current prices, those remaining holdings are worth around $252–265 million, down from well over $800 million at earlier peaks. The reduction implies orderly profit-taking and balance-sheet rebalancing rather than panic selling.
Steady BTC Sales After Years of Quiet Accumulation
Bhutan has been secretly accumulating Bitcoin for years, mostly through mining with its abundant hydroelectric resources rather than buying it on the open market. The administration of King Jigme Khesar Namgyel Wangchuck oversaw this crypto strategy through state investment agency Druk Holding & Investments as part of a wider sovereign wealth portfolio. Until 2023 and 2024, when on‑chain analytics firms began tying specific wallets to the Royal Government, public disclosures were few.
Since then, trackers have spotted a series of sizeable transfers to centralized exchanges and new wallets. In 2025, Bhutan sent more than 900 BTC, worth about $107 million, to new addresses shortly after the US Federal Reserve’s first rate cut that year, a move many read as preparation to sell into strength. Later that same year, Druk Holding routed 100 BTC and other tranches to Binance, lifting the total BTC moved over several days above 400 coins.
The latest 100 BTC transfer continues that pattern in 2026, keeping markets focused on sovereign Bitcoin flows. Bhutan’s wallet has already offloaded more than 9,500 BTC in total, and any sign the government may accelerate sales tends to weigh on trader sentiment, even though 100 BTC is small compared with daily global volume. If Bhutan liquidated its remaining 3,421 BTC, it would still add more than $250 million of supply at current prices, although there is no clear evidence of an immediate full exit plan.
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