Bitcoin holdings in the Kingdom of Bhutan fell by 66% from their peak, creating continued selling pressure on the market

The Kingdom of Bhutan once again transferred 519.707 bitcoins (approximately US$36.75 million) to external addresses on Wednesday, continuing its trend of reducing Bitcoin holdings since 2026. Online data shows that the Royal Government of Bhutan currently holds 4,453 bitcoins with a market value of approximately US$315 million, a 66% decrease from the peak of nearly 13,000 at the end of 2024. The total year-to-date outflow has exceeded US$150 million. The size of sales in Bhutan is accelerating, with each transfer ranging from US$5 million to US$15 million in January and February, and rising to US$35 million to US$45 million in March. The transfer destination on Wednesday was consistent with the deposit model of the trading platform, but the specific destination has not been confirmed. Unlike most countries that accumulate bitcoins through purchases, Bhutan's positions come from its mining business relying on abundant hydropower resources. In December 2025, Bhutan promised to use up to 10,000 bitcoins to develop the Gelephu Mindful City project, the southern economic center. The scale of this sovereign sale is one of the largest government bitcoin reductions on record, creating continued selling pressure on the market.