Bhutan Offloads 70% of Its Bitcoin Stash as Mining Activity Dries Up
Bhutan has bought over 70% of its Bitcoin (BTC) reserves over the previous 18 months, elevating questions concerning the future of its once-celebrated sovereign mining experiment.
On-chain analytics from Arkham Intelligence paint an image of regular, deliberate liquidation by the Himalayan kingdom’s state-owned funding arm.
Bhutan’s Bitcoin Experiment Loses Steam
Wu Blockchain reported that $215.7 million in BTC was transferred out of the kingdom’s wallets in 2026 alone. In addition, the newest knowledge from Arkham revealed that Bhutan moved out one other 250 BTC round 18 hours in the past.
The switch leaves the pockets with almost 3,774 BTC, an enormous drop from 13,000 BTC in October 2024.
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Druk Holding and Investments (DHI), the state-owned fund that manages Bhutan’s reserves, started mining BTC in 2019 using surplus hydroelectric energy. The operation turned a tiny, landlocked Himalayan kingdom into one of the world’s prime sovereign holders of Bitcoin.
However, knowledge reveals that Bhutan has not acquired mining inflows exceeding $100,000 in additional than a 12 months. That absence has fueled hypothesis that the dominion could have halted its hydropower-backed mining operations completely.
“Bhutan seems to have ceased mining as of ~November 2024,” Arkham posted.
Miners and Treasury Firms Join the Bitcoin Sell-Off
Bhutan will not be the one entity lowering its BTC publicity. Several publicly traded miners and Bitcoin treasury corporations have accelerated liquidations in latest months, although every for distinct causes.
Cango bought 2,000 BTC in March to retire outstanding Bitcoin-backed loans, leaving its treasury at 1,025 BTC. MARA bought 15,133 BTC for approximately $1.1 billion between March 4 and March 25 to repurchase $1 billion in convertible notes
Another miner, Riot Platforms, offloaded 3,778 BTC during Q1 2026 for roughly $289.5 million. Notably, extra transfers from each MARA and Riot have been recorded in April, suggesting additional gross sales.
Smaller holders have additionally trimmed positions. Genius Group liquidated its entire 84.15 BTC treasury on April 1 to repay $8.5 million in debt. Furthermore, Nakamoto Holdings bought approximately 284 BTC in March for about $20 million, leading to a realized loss relative to its common value foundation.
The wave of promoting stands in distinction to MicroStrategy, which purchased 44,377 BTC in March alone and now holds over 766,970 BTC.
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