The Himalayan kingdom of Bhutan has executed a strategic sale of Bitcoin worth $22.4 million, as its holdings have fallen to approximately 5,700 BTC. This shift from aggressive accumulation to measured liquidation comes as Bitcoin prices stabilize near $70,000, marking a significant change in Bhutan”s approach to its digital asset reserves.
Previously, Bhutan”s Bitcoin reserves peaked at 13,295 BTC in October 2024, valued at around $1.4 billion. The recent sales reflect a decline of over 70% in portfolio value, now estimated between $403 million to $412 million. This transformation is attributed to the changing economics of Bitcoin mining, particularly following the 2024 halving event, which halved mining rewards and increased operational costs.
Facilitated by Bhutan”s state investment arm, Druk Holding and Investments (DHI), the recent transactions were strategically managed to avoid significant market disruption. Blockchain analytics firm Arkham Intelligence reported two notable outflows in February and January, involving 184.03 BTC and 100.82 BTC, respectively. The January transfer was linked to addresses associated with QCP Capital, a Singapore-based institutional market maker.
Analysts suggest that these sales are not reactionary but rather part of a calculated treasury management strategy. Unlike other nations that maintain a rigid “HODL” policy, Bhutan is utilizing its Bitcoin assets to support national projects and long-term development objectives.
Despite the reduction in holdings, Bhutan remains a considerable player in the realm of Bitcoin mining, having generated approximately $765 million in profits since it began mining in 2019, primarily powered by renewable hydroelectric energy. The country”s energy costs were about $120 million, yielding over 500% returns on its investments.
In December 2025, Bhutan revealed plans to allocate 10,000 BTC, valued at around $420 million at that time, to fund the development of the Gelephu Mindfulness City, a project aimed at integrating sustainability with technology and wellness. This initiative aligns with Bhutan”s unique Gross National Happiness philosophy, showcasing how the nation is channeling its Bitcoin wealth into tangible societal benefits.
Market reactions to Bhutan”s recent asset liquidation have been minimal, with Bitcoin prices fluctuating between $70,000 and $72,000. Although there was a brief dip of 6-7%, the market quickly regained stability amid broader trends affecting the cryptocurrency landscape.
Overall, Bhutan”s recalibration of its Bitcoin strategy highlights the evolving role of digital assets within sovereign economies. As the nation adapts to post-halving conditions, it continues to leverage its investments in Bitcoin to foster economic growth and infrastructure development.
