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Bhutan has transferred 100 BTC, worth about $8.1 million, as part of ongoing Bitcoin sales, extending a broader disposal trend that has continued into 2026. Blockchain data cited in the report indicates the country has reduced its Bitcoin holdings sharply over the past year.
According to Arkham Intelligence, Bhutan has sold about $230.39 million in Bitcoin since January. Arkham said the country continues to offload nearly $50 million each month.
Arkham also projected that, at the current rate of selling, Bhutan would run out of BTC before the end of September. The report notes that Markus Levin, co-founder of XYO, challenged this timeline, arguing that Arkham’s estimate assumes steady sales, while on-chain transfers have occurred in bursts.
The article says Bhutan moved 100 BTC (about $8.1 million) out of its holding wallets. It also states that Bhutan’s current Bitcoin holdings are around $252 million, equivalent to roughly 3,100 BTC.
That figure is described as a decline from nearly 13,000 BTC in late 2024. The report also cites earlier disposals of 2,077 BTC worth about $163 million in late 2024, followed by a $100 million Bitcoin tranche executed in September 2025. It adds that those sales were preceded by quieter intervals with no major transfers visible.
Bitcoin trades at $80,500, according to CoinGecko data. The report states the price is down 0.3% over 24 hours and more than 36% from $126,080.
Markus Levin said Bhutan’s mining economics support the strategy, noting that the country mined most of its Bitcoin at near-zero cost and that “whatever they sell, it’s a profit.” He also emphasized that sovereign governments must fund essentials such as schools and salaries.
Lacie Zhang, a research analyst at Bitget Wallet, described the transfers as consistent with an “active sovereign treasury strategy rather than a bearish signal.” She said Bhutan monetizes gains generated from hydropower-backed mining and uses sales to fund development and diversify reserves while maintaining long-term exposure.
The report says Bhutan began state-backed Bitcoin mining in 2019 using surplus hydroelectric power. Unlike some sovereign holdings formed through asset seizures, it states Bhutan built its reserve through direct mining operations.
It also notes that Bhutan has designated Bitcoin, Ethereum, and BNB as strategic reserves for Gelephu Mindfulness City, a special administrative region in southern Bhutan focused on digital assets.
In December, Bhutan pledged up to 10,000 BTC (valued near $1 billion at the time) toward the city’s development. This week, the article says Gelephu Mindfulness City introduced a faster licensing pathway for regulated firms, allowing companies from Singapore, ADGM, and Hong Kong to accelerate approvals.
Firms can begin operations with integrated banking services through DK Bank, which provides multi-currency accounts across nine currencies, including USD, EUR, SGD, and INR. The report adds that DK Bank will waive fees for at least six months for licensed firms.
Jigdrel Singay is quoted saying: “Our goal is to create a trusted platform for digital assets and financial innovation.”
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