Bhutan moves $8.1 million in Bitcoin as sell-off continues

Bhutan has quietly emptied another slice of its energy Bitcoin Holdings, moving 100 bitcoins worth $8.1 million, extending an ongoing sovereign sell-off that analysts say is driven by a treasury management strategy rather than market pessimism.

Conversions are Part of the selling trend Which accelerated last year until 2026.

“At the current selling rate, we will run out of bitcoins before the end of September,” blockchain analytics firm Arkham Intelligence said chirp.

Bhutan has sold approximately $230.39 million worth of bitcoin since the beginning of the year, and continues to offload about $50 million per month, Arkham said.

The country now holds about $252 million worth of bitcoin, down sharply from about 13,000 bitcoin in late 2024 to roughly 3,100 bitcoin today, according to onchain. Data.

Decryption We have reached out to Druk Holding Investments and Gelephu Mindness City for comment.

said Lacey Zhang, research analyst at Bitget Wallet Decryption The transfers reflect “an active sovereign treasury strategy and not a bearish signal.”

Unlike most Sovereign Bitcoin holdingsOften drawn from seizures, the Himalayan Kingdom built its lair through state support Mining It was launched in 2019 using surplus hydroelectric power.

“The key point is that these sales are used to monetize gains from state-backed, hydropower-backed bitcoin mining, helping finance national development and diversify reserves while maintaining long-term asset exposure,” Zhang said.

Zhang noted that this approach signals an evolution in how sovereigns think about Bitcoin, not as digital gold to be stored indefinitely, but as a liquid strategic asset.

“Bhutan’s approach suggests that sovereign bondholders may begin to adopt more sophisticated ‘hold and enhance’ strategies – actively managing volatility, generating profits during strength, and reallocating capital when appropriate,” she added.

Zhang noted that this represents a “significant change” in how Bitcoin is viewed within “sovereign reserve management,” and could “encourage other countries” to explore similar treasury frameworks over time.

Bhutan sales have been uneven rather than systematic, according to Marcus Levin, co-founder of XYO.

“The October timeline for Arkham assumes they continue to sell at the same pace. They didn’t, it was explosions, not steady attrition,” he said. Decryption.

Bitcoin sales in the Kingdom have been mixed, starting with 2,077 BTC worth $163 million in late 2024, followed by bursts including a $100 million tranche in September 2025, interspersed with quieter periods.

With Berkshire Hathaway’s funds at A Record $397 billion And investors like Michael Burry warning Markets look like it’s 1999, and selling now could be timely, Levin said, noting that “selling Bitcoin at $80,000” could be “the smartest sovereign wealth move of the decade.”

Bitcoin is trading at $80,500, down 0.3% in the past 24 hours and more than 36% from its all-time high of $126,080, according to CoinGecko data.

Bhutan is considering buying most of its bitcoins “at close to zero cost,” Levin said, adding that “whatever they sell is profit.” “Unlike hedge funds, they have schools to build, salaries to pay, and a new city to finance. Holding Bitcoin is a luxury for entities without citizens,” he noted.

Cryptocurrency payment in Bhutan

The Kingdom has emerged as one of the most advanced governments in the field of cryptocurrencies in the world. hiring bitcoin, Ethereumand BNB Bank As a strategic reserve for the city of Gelephu, a designated special administrative region in southern Bhutan.

In December, Bhutan has pledged up to 10,000 Bitcointhen worth about US$1 billion to develop GMC.

While the country is offloading bitcoin, its broader push into cryptocurrencies is moving forward.

On Tuesday, Gelefu is a city of mind unveil A fast-track licensing pathway for globally regulated companies, allowing companies from jurisdictions such as Singapore, ADGM and Hong Kong to accelerate approvals and commence operations with integrated banking access via DK Bank.

DK Bank offers multi-currency accounts across nine currencies, including the US dollar, euro, Singapore dollar and Indian rupee, with fees completely waived for at least the first six months for GMC-licensed companies.

“Our goal is to create a trusted platform for digital assets and financial innovation, where regulation, infrastructure and implementation are aligned from the beginning,” Gelephu Mindness City board member and head of digital assets Gelephu Mindness City said in a statement.