- Bhutan moved another 100 BTC worth roughly $8 million from its sovereign wallets
- The country’s known Bitcoin reserves have fallen from over 11,000 BTC to around 3,421 BTC
- Markets are watching closely as sovereign crypto sales continue through 2026
Bhutan has transferred another 100 Bitcoin from its sovereign crypto wallets, adding fresh attention to the country’s ongoing BTC sales strategy. According to on-chain data tracked by Arkham Intelligence, the latest transfer carried a value between roughly $7.8 million and $8.1 million depending on execution prices at the time.
The move pushes Bhutan’s estimated realized Bitcoin sales for 2026 close to $207 million and continues a steady reduction in the kingdom’s once-massive sovereign BTC reserves.
Bhutan’s Bitcoin Holdings Have Shrunk Sharply
At its peak, Bhutan reportedly controlled more than 11,000 BTC across identified sovereign wallets. Today, the country’s known holdings sit closer to around 3,421 BTC, worth approximately $252 million to $265 million at current market prices.
That’s a dramatic decline compared to earlier valuation peaks above $800 million. Still, the sales pattern so far looks more like structured profit-taking and treasury rebalancing than panic liquidation.
Unlike many governments that acquire crypto through seizures or purchases, Bhutan built most of its Bitcoin position quietly through state-backed mining operations powered by the country’s hydroelectric energy resources.
Bhutan Built Its BTC Stack Through Mining
The sovereign accumulation strategy was reportedly managed through Druk Holding & Investments under the administration of King Jigme Khesar Namgyel Wangchuck. For years, the operation remained mostly hidden from public view until blockchain analytics firms began linking wallet clusters back to the Bhutanese government during 2023 and 2024.
Since then, analysts have tracked several large transfers moving toward exchanges and newly created wallets. In 2025, Bhutan reportedly transferred more than 900 BTC shortly after the Federal Reserve’s first rate cut of that year, a move many traders interpreted as preparation to sell into market strength.
Additional tranches later moved toward Binance, with total transfers during certain periods exceeding 400 BTC.
Markets Still Watch Sovereign Bitcoin Flows Closely
The latest 100 BTC movement continues that broader trend and keeps traders focused on sovereign Bitcoin activity, even if the actual transfer size remains relatively small compared to global BTC trading volume.
Bhutan has now reportedly off-loaded more than 9,500 BTC in total. While there’s no clear evidence the country plans to fully exit its remaining position, any sovereign selling tends to attract market attention because governments control unusually large pools of crypto liquidity.
If Bhutan eventually liquidated its entire remaining 3,421 BTC reserve, it would introduce more than $250 million worth of additional Bitcoin supply into the market at current prices.
For now though, the sales still appear measured and gradual rather than aggressive. And honestly, compared to Bitcoin’s daily trading activity, Bhutan’s latest transfer is more psychologically important to traders than structurally damaging to the market itself.
