Bhutan Sells 70% of Bitcoin Holdings Over 18 Months, May Have Stopped Mining

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.

Bhutan's Bitcoin Liquidation and Reduced Holdings

• ▪Bhutan has sold approximately 70% of its bitcoin holdings over 18 months from October 2024 to April 2026.
• ▪Bhutan's bitcoin holdings stand at 3,954 BTC worth roughly $280.6 million as of April 2026.
• ▪The Royal Government of Bhutan transferred roughly 319.7 BTC worth $22.68 million to two addresses on Thursday, April 10, 2026.
• ▪Bhutan held approximately 13,000 BTC in October 2024.
• ▪$162.6 million of Bhutan's 2026 bitcoin outflows went to unlabeled wallets.
• ▪Bhutan moved $215.7 million in bitcoin out of its holding addresses in 2026 alone.
• ▪Approximately 250 BTC from Bhutan's April 10, 2026 transfer went to a wallet previously used to route funds for sale via Galaxy Digital and OKX.

Apparent Halt or Slowdown of Mining Operations

• ▪Bhutan's last bitcoin mining inflow exceeding $100,000 was recorded over a year ago as of April 2026.
• ▪Bitcoin network difficulty is at all-time highs as of April 2026.
• ▪Bitcoin's post-halving block reward has been reduced to 3.125 BTC.
• ▪Druk Holdings has not responded to several emails and calls from CoinDesk over the past week as of April 11, 2026.

Economic Pressures and Contrast with Other Institutional Holders

• ▪Strategy's total bitcoin holdings reached 766,970 BTC as of April 2026.
• ▪The Ethereum Foundation staked $93 million of ether in a single day in early April 2026.
• ▪Bhutan's remaining 3,954 BTC is smaller than what Strategy purchases in a typical week.
• ▪Strategy bought 4,871 BTC for $330 million in early April 2026.
• ▪U.S. spot bitcoin ETFs absorbed approximately 50,000 BTC in March 2026.
• ▪Bitcoin traded near $71,000 as of April 11, 2026.

Perspective of Bhutan's government and Druk Holding and Investments

• ▪Druk Holding and Investments has not disclosed reasons for Bhutan's sale of approximately 70% of its bitcoin holdings.

Perspective of Bitcoin market observers and analysts

• ▪Bhutan's remaining 3,954 BTC holdings represent a relatively small position compared to corporate bitcoin accumulators like Strategy.
• ▪Bhutan's lack of mining inflows exceeding $100,000 for over a year suggests the kingdom may have stopped bitcoin mining operations.

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