The Kingdom of Bhutan’s BTC reserve reached its highest point in October 2024, when it had over 13,000 coins. Now, it only has 4,400 Bitcoin.
The Kingdom of Bhutan has moved more than $72.3 million in Bitcoin (BTC $71,237) from its wallets in the previous 24 hours as it sells off parts of its holdings.
According to Arkham Intelligence, Druk Holding and Investments (DHI), a state-owned investment corporation that runs the country’s Bitcoin mining activities and crypto investments, has moved more than 973 BTC in six distinct transactions during the past 24 hours.
On March 10, DHI also moved more than 175 BTC, which was worth $11.8 million. Arkham added, Bhutan sells parts of its Bitcoin in chunks of $5 million to $10 million every now and then. There was a lot of selling around mid- to late-September 2025.
The landlocked South Asian country has signed a national Bitcoin Development Pledge. This pledge aims to support the Kingdom of Bhutan’s economic growth over time by leveraging its Bitcoin stash and mining operations. The Kingdom declared in December that it would use 10,000 BTC from its cache to assist in creating the Gelephu Mindfulness City (GMC), which is a unique administrative territory.
Arkham’s data shows that Bhutan now has over 4,400 BTC, which is worth more than $322 million at current market values.
Arkham reported that Bhutan’s wallet addresses have not received more than $100 million in BTC in more than a year. This has led to conjecture that the kingdom has stopped or cut back on its mining efforts.
Source: Arkham Intelligence
Bhutan’s Bitcoin reserve strategy under scrutiny
In 2024 and 2025, the country made news for mining BTC using renewable energy sources, setting up a strategic Bitcoin reserve, and passing laws that were beneficial for crypto.
Bhutan has sold off a lot of its holdings since 2024. In February, Bhutan sent more than 284 BTC, worth more than $22 million, during a general drop in the crypto market that has been going on since the October 2025 market meltdown.
The crash brought the price of BTC down to a low of $60,000, which is more than 50% less than its all-time high of roughly $126,000. The price has since recovered somewhat to its current level.
According to Arkham Intelligence, Bhutan had roughly 13,295 BTC in October 2024, when its holdings reached their highest point. Since then, it has been selling BTC from its reserve.
The 13,295 BTC reserve would have been valued at more than $1.6 billion at the highest price ever, which was in October 2025, just before the market crashed.