The tiny Himalayan kingdom of Bhutan has sold another batch of Bitcoin worth $18 million, according to on-chain intelligence firm Arkham. The country that was once celebrated as a crypto powerhouse and an emerging mining destination has now offloaded a large chunk of its mining assets, totaling $198 million to date.
There is no official communication regarding why the country is swiftly liquidating its once-prized BTC reserve. It could be as simple as the country needing foreign exchange amid a global slump in tourism due to an unreliable flight schedule, or it could be reversing its policy of maintaining a crypto strategic reserve earned from its mining infrastructure.
Arkham tweeted:
Bhutan’s Bitcoin Selling Spree Continues
Based on the Arkham reporting, the remote country sold around 240 BTC in two noteworthy badges recently. The amount was sent to multiple addresses used by the country’s handlers to liquidate their crypto. The move follows increasingly frequent BTC sales by the country, often in smaller batches of $5 million-$40 million.
The country’s Druk Holdings, which manages its BTC, still holds around 3,524 BTC across its addresses, worth over $250 million. However, at this rate, the kingdom will run out of the crypto by September, Arkham estimates. The 770,000-strong nation with a GDP of $3 billion once held a massive 13,000 BTC in its wallets back in October 2024, worth around 40% of its entire GDP.
 
What is Next for Bhutan’s Crypto Ambitions?
The sparsely populated Buddhist nation has prospered under the “green mining” initiative, leveraging its cheap surplus hydroelectricity as a clean, economical alternative to other national grids. Bitcoin mining itself was a state-led initiative and was praised for creating jobs, generating revenue (including funds reportedly used to pay public wages), and positioning the kingdom as a pioneer in responsible crypto mining.
However, things are changing rapidly as mining operations are reportedly wrapping up in the country, and inflows from mining have slowed dramatically. No significant mining exploits (over $100,000) have reached the state wallets in over a year, and the authorities keep on selling. This is why Arkham estimates that it will be out of BTC in a few months, most likely in September.
It remains unclear what policy the Bhutanese government has for the future, but it appears likely that it is winding down its exposure to the premier cryptocurrency. Bitcoin is currently trading around $76k, giving these sizable holders further incentive to liquidate at relatively high prices.
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