Bhutan has sold approximately 70% of its bitcoin holdings over 18 months, reducing its position from 13,000 BTC in October 2024 to 3,954 BTC worth $280.6 million as of April 2026. The kingdom moved $215.7 million in bitcoin out of holding addresses in 2026 alone, routing funds through Galaxy Digital and OKX, with $162.6 million going to unlabeled wallets. The bitcoin was originally accumulated through a hydropower-backed mining operation run by sovereign wealth fund Druk Holding and Investments, but the last mining inflow exceeding $100,000 occurred over a year ago, suggesting operations may have ceased. The drawdown comes as bitcoin mining economics have deteriorated due to the halving reducing block rewards to 3.125 BTC and network difficulty reaching all-time highs, while Druk Holdings has not responded to inquiries about the transfers or mining status.
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