Bhutan Slashes Sovereign Bitcoin Holdings by 70% Amid Strategic Pivot

The Kingdom of Bhutan continues to liquidate a significant portion of its sovereign Bitcoin holdings, with the most recent transfer of 319 BTC valued at approximately $22.68 million. This activity extends a months-long trend of reducing the nation's digital asset exposure. On-chain data from Arkham Intelligence reveals a steady decline in the reserves held by the Royal Government of Bhutan and its investment arm, Druk Holding & Investment. Since late October 2024, the kingdom has moved more than 9,000 BTC out of its sovereign-linked wallets. The sell-off accelerated in March, during which more than 1,667 BTC—roughly $120 million—were transferred. These movements have brought Bhutan's total holdings down to 3,654 BTC as of April, representing a 70% decrease from the 13,000 BTC held in late 2024. Despite the reduction, Bhutan remains the fifth-largest publicly tracked nation-state holder of the cryptocurrency, trailing the United States, United Kingdom, El Salvador, and the United Arab Emirates. Bhutan's Bitcoin position was primarily built through state-backed mining operations powered by the country's surplus hydropower. This 'green Bitcoin economy' initiative was designed to diversify export revenues beyond traditional electricity sales by converting carbon-free energy into liquid digital assets. Looking forward, the government has previously announced a Bitcoin Development Pledge, committing up to 10,000 BTC to support the Gelephu Mindfulness City, a special administrative region. Authorities indicated that these assets would be managed through collateralization or yield-generating instruments to anchor the new economic hub in sustainable finance.