Bhutan Reduces Bitcoin Holdings Amid Mining Decline
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In a significant shift regarding its cryptocurrency strategy, Bhutan has divested more than 70% of its Bitcoin (BTC) reserves in the last 18 months, raising concerns about the sustainability of its ambitious mining ventures.
Recent analyses from Arkham Intelligence indicate that the state-owned investment entity has systematically liquidated its holdings. Over the course of 2026, this translates to a staggering $215.7 million worth of Bitcoin being moved out from the kingdom’s wallets, with an additional 250 BTC transferred just hours ago.
This strategic move has reduced Bhutan’s Bitcoin reserves from approximately 13,000 BTC in October 2024 to about 3,774 BTC currently.
Druk Holding and Investments (DHI), the sovereign fund managing Bhutan’s cryptocurrency assets, embarked on Bitcoin mining back in 2019, taking advantage of the country’s abundant hydropower resources. This initiative initially positioned Bhutan among the most significant sovereign holders of Bitcoin globally.
However, recent reports suggest a stark decline in mining revenues, with earnings dropping below $100,000 for over a year. Analysts speculate this downturn may indicate a complete cessation of Bhutan’s hydropower-driven mining operations. A statement from Arkham speculated that mining had seemingly halted around November 2024.
Bhutan’s situation isn’t unique; a broader trend is emerging as various Bitcoin mining companies and treasury firms are also offloading their BTC assets. For example, Cango liquidated 2,000 BTC in March to settle outstanding loans, while MARA sold approximately 15,133 BTC for $1.1 billion during the same timeframe to repurchase convertible notes.
Riot Platforms also made headlines by divesting 3,778 BTC in the first quarter of 2026 for about $289.5 million, with further sales recorded in April.
Smaller entities are not immune to these market pressures either. Genius Group recently liquidated its entire treasury of 84.15 BTC to address $8.5 million in debt, while Nakamoto Holdings sold around 284 BTC in March, realizing a loss based on their initial investment.
This spate of Bitcoin sales contrasts sharply with MicroStrategy’s aggressive acquisition strategy, as the firm picked up 44,377 BTC in March alone, bringing their total holdings to over 766,970 BTC.
As Bhutan continues to navigate its Bitcoin strategy amidst declining mining viability, the ramifications of these decisions will undoubtedly affect its economic landscape and digital currency ambitions moving forward.
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