The Bhutan government’s Bitcoin selling spree is continuing as it transferred 400 BTC ($31.78M) out of its wallets on September 7, 2026. The tiny Himalayan royal state has moved the latest tranche to another wallet, which clearly translates into selling intent, something they have been doing aggressively over the past couple of years.
After the latest transaction, the kingdom now has just 518 BTC ($41 million), down from its all-time high of 13,390 BTC in October 2024. The state’s crypto arm, Druk Holding and Investments, conducted this transaction, and that is where the wallets are linked.
On-chain reporter Arkham tweeted regarding this development:
The dramatic sell-off is nearing its end because Bhutan is down to its last 500 BTC, which could be offloaded in the coming months. The South Asian country has steadily reduced its reserves through a series of transfers totaling hundreds of millions of dollars. Earlier this year, the state also transferred thousands of BTC directly to centralized exchanges like Binance as well as institutional entities like Galaxy Digital and QCP Capital.
How did Bhutan come to own 13,390 BTC?
Bhutan accumulated its large BTC pile over the years through extensive mining operations that the local government once incentivized. The popular tourist destination’s abundant hydroelectric resources drew miners and led them to relocate and start operations.
 
In the process, the country became home to one of the world’s largest state-owned Bitcoin reserves, worth more than a billion dollars at one point. However, in a policy shift, the Bhutanese government decided to gradually end its exposure to BTC and has been actively selling its stockpile for the last 2 years. It also liquidated its much smaller ETH and BNB acquisitions in the process.
The country’s cooling Bitcoin ambitions largely stem from the decline in the appeal of the Gelephu Mindfulness City project, a venture for which the government was willing to allocate as much as 10,000 BTC.
The Future
Bhutan is clearly looking to end its foray into the crypto world. It has profited considerably from this episode, and yet it is unclear what the rulers have in store for the future. The country has completely halted its mining operations and is unlikely to reopen them in the near future.
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