Bhutan Sells $72.3M in Bitcoin Amid Ongoing Crypto Slump
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The Kingdom of Bhutan has made a substantial transaction involving Bitcoin, liquidating over $72.3 million worth in the recent 24-hour period. This action reflects the country’s ongoing strategy of gradually offloading its Bitcoin holdings, which has seen a significant reduction in recent times.
Druk Holding and Investments (DHI), the state-run entity overseeing Bhutan’s Bitcoin mining and cryptocurrency ventures, reported the transfer of approximately 973 BTC across six distinct transactions. In a separate move earlier this month, DHI also liquidated more than 175 BTC, amounting to an estimated $11.8 million.
Reports indicate that Bhutan tends to conduct these sales in increments ranging from $5 million to $10 million. Notably, there was an increased volume of sales observed around mid to late September 2025.
Bhutan, a landlocked nation in South Asia, has committed to a national Bitcoin Development Pledge which aims to leverage its cryptocurrency assets to bolster the country’s economic growth. As part of its long-term strategy, the nation plans to allocate 10,000 BTC from its reserves to aid in the development of the Gelephu Mindfulness City, a special administrative region.
Following the recent transactions, Bhutan’s remaining Bitcoin assets now total approximately 4,400 BTC, valued at over $322 million based on current market rates. Analysis from Arkham Intelligence notes that there have not been any significant inflows of Bitcoin into wallets controlled by Bhutan, suggesting a possible halt or reduction in its mining activities.
Over the past few years, Bhutan has gained attention for its innovative approach to cryptocurrency, particularly its use of renewable energy for Bitcoin mining and its strategic accumulation of digital assets. However, the country’s Bitcoin reserves have diminished significantly since hitting a peak of 13,295 BTC in October 2024. At that time, the value of its holdings exceeded $1.6 billion at the peak market price.
In light of the prolonged downturn in the cryptocurrency market that originated from the notable crash in October 2025, Bhutan’s previous high of Bitcoin has now fallen dramatically. The price of BTC dropped below $60,000, more than halving from its all-time high of approximately $126,000, leading to a cascade of selling activity in the sector.
Despite the challenges faced by the cryptocurrency landscape, Bhutan’s calculated moves in managing its Bitcoin reserves continue to reflect a broader strategy aimed at economic stability and growth.
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Gregory Russell
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