Bhutan Keeps Selling Its Bitcoin, Reserves Sold by Over Half
Bhutan's state-owned investment arm has sold over half of its peak Bitcoin reserves through recurring sales managed by Druk Holding and Investments.Summary
Bhutan's state-owned investment arm, Druk Holding and Investments (DHI), has been steadily selling portions of the country's Bitcoin reserves, moving about $42.5 million in BTC and USDT so far in 2026. Data shows recent transfers, including 175 BTC on Monday, going to recurring counterparties, suggesting a planned treasury drawdown rather than panic selling. Bhutan mined much of its Bitcoin using surplus hydropower, giving it a near-zero cost basis, meaning every sale is profitable. The country's Bitcoin stack has fallen from a peak of around 13,000 BTC in late 2024 to approximately 5,400 BTC, a 58% reduction in holdings, with the dollar value dropping from over $1.5 billion to near $374 million due to price depreciation. Bhutan remains the seventh-largest government Bitcoin holder, and Prime Minister Tshering Tobgay has stated that Bitcoin proceeds support public services, healthcare, and environmental initiatives.
(Source：Bitcoin Magazine)