Bhutan's sovereign wealth fund, Druk Holding and Investments (DHI), transferred 123.7 BTC valued at approximately $8.5 million, according to on-chain analytics firm Arkham Intelligence. The move is the latest in a steady stream of sales that has reduced the Himalayan kingdom's Bitcoin treasury from a peak of 13,000 BTC to an estimated 4,400–5,400 BTC today.
The recent transaction was part of a broader 48-hour period of activity in which Bhutan moved 643 BTC ($45.24 million) across wallets, as confirmed by blockchain tracking firm Lookonchain. Year-to-date outflows now exceed $269 million, per Arkham data.
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A Pattern of Steady, Small-Batch Sales
The March 27 transfer did not occur in isolation. Earlier the same week, DHI moved 175 BTC ($11.85 million) when Bitcoin was trading at $68,600, and a separate 102.4 BTC ($7.9 million) shift was flagged by analysts as a sale precursor. In February 2026, a similar transfer preceded a $7 million sale executed through crypto trading firm QCP Capital.
"Bhutan periodically sells portions of its Bitcoin in clips of $5–10M, with a particularly heavy period of selling around mid-late September 2025," Arkham Intelligence noted in a post on X.
Known trading partners in these transactions include Binance, Deribit, Bitget, and QCP Capital. MEXC News reported that cumulative outflows have surpassed $158 million, while inflows have totalled $38 million, resulting in a net $120 million exit. Bhutan also holds approximately 27.651 ETH, indicating the government maintains diversified crypto reserves.
How Bhutan Built Its Bitcoin Position
Bhutan began mining Bitcoin in 2019, capitalizing on the country's abundant hydroelectric resources to power low-cost, renewable mining operations. Managed by DHI, the state's sovereign investment arm, the program quietly amassed over 13,000 BTC by October 2024 — positioning Bhutan as one of the few nations with a publicly tracked national Bitcoin treasury, ranking seventh globally per Arkham estimates.
The strategy aligned with Bhutan's broader "Gross National Happiness" development philosophy, blending environmental sustainability with economic diversification. Mining operations have since been paused, according to reports, shifting DHI's focus toward active treasury management.
Sales began in January 2025 in small tranches, then accelerated through mid-2025. By May 2025, Bhutan had sold approximately $150 million worth of BTC. Selling intensified again in September 2025 before resuming at the same pace in early 2026. OpenPR reported that $215 million has exited since the start of 2026 alone, with the treasury falling from 13,000 BTC to approximately 3,954 BTC since October 2024.
What Comes Next
At the current pace of liquidation, Arkham projects Bhutan's remaining holdings could be fully depleted by October 2026. However, MEXC reporting indicates DHI retains a "large amount" for long-term holding and sells "when prices are strong," suggesting a full exit is not the stated objective.
Key figures to watch going forward:
- Remaining holdings: Estimated 4,400–5,424 BTC ($300M–$372M)
- YTD outflows: $269.8 million as of late March 2026
- Projected depletion date: October 2026, per Arkham (if pace continues)
- Bitcoin price at time of transfer: Above $70,000
Bhutan's approach is increasingly cited as a potential model for other resource-rich nations exploring sovereign crypto strategies. Whether DHI maintains a long-term core position or continues to draw down holdings will be closely watched by analysts tracking state-level Bitcoin adoption.