Bhutan’s Bitcoin Harvest: Sovereign Sell-Off Surges Past USD 110 Million in 2026

Bhutan has stepped up its Bitcoin liquidation efforts considerably, with outflows linked to the state surpassing 110 million USD just in March 2026. On-chain data tracking wallets associated with Druk Holding & Investments (DHI) reveals a recent transfer between March 24 and 25, moving around 519.7 BTC, valued at about 36.7 million USD. This follows a substantial mid-month transfer of 973 BTC and another sale of 175 BTC earlier in March. These coordinated moves, often funneling assets to Binance-linked addresses, reflect a particularly active period as Bhutan manages its digital holdings.

After these sales, Bhutan’s sovereign Bitcoin reserve is estimated to stand near 4,450 to 4,500 BTC, with a value range between 310 and 330 million USD. This is a significant drop from its 2024 peak when the country held over 13,000 BTC, worth roughly 1.4 billion USD. Analysts tend to view this pattern as a careful, structured approach to treasury management rather than a reaction driven by panic. The government seems to be taking profits in measured increments of 5 to 10 million USD, channeling those funds toward national development projects.

Although the cluster of sales in March has exerted some pressure on Bitcoin’s supply side globally, Bhutan’s long-term plans remain focused on advancing its digital goals. The country continues to invest in mining infrastructure and is pushing forward with the creation of the Gelephu Mindfulness City, which includes a dedicated crypto reserve. This context suggests the recent selling is more about generating liquidity for domestic infrastructure projects than a full retreat from the crypto space, even if the narrative of heavy selling by a large holder has momentarily impacted market sentiment.