Bhutan’s Bitcoin Treasury Shrinks as DHI Moves USD 72 Million in BTC

Between March 17 and 18, 2026, Druk Holding & Investments (DHI), Bhutan's sovereign investment arm, carried out a series of large cryptocurrency transfers totaling almost 973 BTC valued at USD 72 million. The transactions included transferring USD 44.4 million to two unknown private addresses and 20.5 BTC (about USD 1.5 million) to the crypto OTC desk QCP Capital, a move typically seen by market analysts as a prelude to a strategic sale. These most recent withdrawals adhere to a consistent trend seen across early 2026, including a significant USD 11.8 million transfer simply a week earlier, suggesting continuous liquidity mobilization by the Himalayan kingdom.

This recent action draws attention to a sharp decrease in Bhutan's overall Bitcoin reserves, which are thought to have dropped by between 58% and 67% from their late-2024 peak. At its peak, the country possessed between 13,000 and 13,295 BTC, with an estimated value of USD 1.4 billion. However, recent projections show a drop to between 4,400 and 5,400 BTC, which is currently valued at around USD 400 million. These assets were acquired through a low-cost hydroelectric mining operation with Bitdeer, utilizing Bhutan's abundant renewable energy resources to build one of the world's most significant sovereign crypto treasures.

Although the Bhutanese government has not formally verified the liquidation of these assets, the timing and scope of the transfers have sparked considerable conjecture among international analysts. Many worry the money is going toward ambitious national infrastructure projects, especially the USD 500 million Gelephu Mindfulness City, which was once connected to a promise of up to 10,000 BTC. The strategic change suggests that even as concerns remain about the long-term viability of Bhutan's hydroelectric mining model, mining difficulty increases and market volatility persists, it may be moving from a "HODL" approach to using its digital gold to finance physical economic growth.