Bhutan has moved 100 BTC worth $8.1 million from its holding wallets, continuing a steady sell-off that has reduced its Bitcoin reserves by 70% from late-2024 peaks. According to Arkham Intelligence, Bhutan has sold approximately $230 million in Bitcoin since January and now holds about $252 million (roughly 3,100 BTC), down from nearly 13,000 BTC. Analysts describe the sales as part of a 'hold and optimize' sovereign treasury strategy rather than a bearish signal. The Himalayan kingdom built its Bitcoin stash through state-backed mining using surplus hydropower, starting in 2019. Lacie Zhang of Bitget Wallet notes these sales monetize gains to fund national development, diversifying reserves while maintaining long-term exposure. Markus Levin of XYO highlights that selling at $80,000 may be timely given market conditions, and unlike hedge funds, Bhutan needs liquidity for public spending. Meanwhile, Bhutan continues its broader crypto push: Gelephu Mindfulness City recently unveiled an accelerated licensing pathway for global crypto firms, with integrated banking access from DK Bank.

Key facts

• Bhutan moved 100 BTC ($8.1M) from holding wallets on May 12, 2026.
• Total Bitcoin sales since January 2026 reach $230M, reserves down 70% from peak.
• Current holdings: ~3,100 BTC ($252M), down from ~13,000 BTC in late 2024.
• Sales part of 'hold and optimize' sovereign treasury strategy, not bearish signal.
• Bhutan continues crypto expansion via Gelephu Mindfulness City licensing pathway.

KeyAudit data perspective