Bhutan Sold 70% of Its Bitcoin Holdings in 18 Months

Bhutan has spent the past year and a half shrinking one of crypto’s most closely watched state-linked Bitcoin treasuries. Reporting built on Arkham wallet mapping now points to a much smaller reserve and a fresh debate over whether the country’s mining pipeline has slowed.

CoinDesk reported on April 11, 2026 that Bhutan had sold about 70% of the roughly 13,000 BTC identified in late 2024, leaving 3,954 BTC worth about $280.6 million after 18 months of outflows.

TLDR Keypoints

• Bhutan appears to have sold roughly seven out of every 10 BTC it held in late 2024, taking the reserve from around 13,000 BTC to 3,954 BTC.
• Arkham’s wallet mapping is the core evidence behind the story, and the firm said the reserve came from state-backed mining rather than seizures.
• The remaining 3,954 BTC is still worth about $280.6 million, which keeps Bhutan relevant in coverage of sovereign Bitcoin treasuries.

What Arkham Data Shows About Bhutan’s Bitcoin Sales

On September 17, 2024, Arkham said the Royal Government of Bhutan held just over 13K BTC worth $764 million, giving the market its clearest public baseline for Bhutan Bitcoin holdings.

Arkham said those coins came from government-funded mining operations rather than seizures from criminals, which is why the current drawdown looks like a treasury and mining story instead of an asset-forfeiture story.

How Much Bitcoin Bhutan Appears To Have Sold

By April 11, 2026, CoinDesk said Bhutan’s stash had fallen to 3,954 BTC worth about $280.6 million, showing how far the reserve had dropped from Arkham’s earlier baseline.

Cointelegraph separately reported that Bhutan had offloaded more than 9,000 BTC since late 2024, which broadly matches the reduction implied by Arkham’s earlier baseline and CoinDesk’s latest stash estimate.

CoinDesk also said $215.7 million had moved out in 2026 alone, indicating that much of the selling pressure persisted well after Arkham first exposed the sovereign wallets.

What May Still Be Left in the National Stash

A remaining treasury of 3,954 BTC worth about $280.6 million is far smaller than Bhutan’s earlier reserve, but it is still large enough to matter in the market’s small universe of state-linked Bitcoin holders.

No regulator, ministry, or court filing in the evidence set explains the outflows, so the public picture still depends on Arkham’s wallet mapping and subsequent reporting rather than a formal treasury disclosure.

Arkham wrote on March 18, 2026 that Bhutan had moved $72.3 million in BTC out of its addresses in the prior 24 hours and that the last BTC inflow above $100K was recorded more than one year earlier, a data point that sharpened the market’s focus on whether mining activity had faded.

HAS BHUTAN STOPPED MINING BITCOIN?

Bhutan just moved another $44.44M BTC out of its accounts. Bhutan has moved $72.3M BTC out of its addresses in the past 24 hours.

Bhutan's last >$100K BTC inflow was over 1 year ago. Has Bhutan stopped mining Bitcoin? https://t.co/IhcGDMRH0t pic.twitter.com/qvQuKXXoaU

— Arkham (@arkham) March 18, 2026

A single April 11 report said Bhutan may have stopped mining Bitcoin because the last mining inflow above $100,000 was more than a year earlier, but that remains unconfirmed because Bhutan and Druk Holding & Investments have not publicly declared a halt.

Why Bhutan’s Remaining Bitcoin Treasury Still Matters

Because the remaining stash is still 3,954 BTC worth about $280.6 million, Bhutan continues to matter to Bitcoin watchers even after heavy selling.

Market Significance of State-Linked Bitcoin Movements

A sovereign reserve that still totals 3,954 BTC carries a different market signal from a one-off whale transfer, especially because Arkham said Bhutan built the stash through government-funded mining.

The comparison point for readers is the same balance-sheet logic seen in Strategy’s 2,932 BTC purchase: when a large, named holder changes exposure, the market treats it as a strategic signal rather than routine noise.

Unless Bhutan or Druk Holding & Investments offers a public explanation, the clearest evidence will remain the reported drop from just over 13K BTC to 3,954 BTC and the absence of fresh large inflows flagged by Arkham.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.