Bitcoin News: Bhutan Sells $22M in Bitcoin as Holdings Fall to 5,700 BTC

Key Insights

• Bhutan sold $22.4 million in Bitcoin, shifting from accumulation to strategic liquidation amid mining challenges.
• Reserves dropped from 13,295 BTC in 2024 to 5,700 BTC, a 70% portfolio value decline.
• Bhutan remains profitable, earning $765 million from mining with renewable energy, achieving 500% investment returns.

Bhutan has sold $22.4 million worth of Bitcoin from its sovereign reserves as prices hover near $70,000. According to the recent Bitcoin news, the Himalayan kingdom, once known for aggressive accumulation, is shifting toward strategic liquidation.

The move reflects changing mining economics following the 2024 halving, which cut rewards and raised costs. Bhutan’s state-owned investment arm, Druk Holding and Investments (DHI), carried out the transfers.

Analysts say the sales are part of measured treasury management, not panic, as Bhutan adapts to new market realities.

Bitcoin News: Recent Bitcoin Transfers

Blockchain analytics firm Arkham Intelligence tracked Bitcoin news of two major outflows from Bhutan’s sovereign wallets. On February 4, Druk Holding and Investments (DHI) moved 184.03 BTC worth about $14.09 million.

Earlier, on January 30, 100.82 BTC valued at $8.31 million was transferred. The January transaction went directly to addresses linked to QCP Capital, a Singapore-based institutional market maker.

Analysts interpret these transfers as sales, noting that routing through market makers allows Bhutan to offload holdings efficiently without disrupting the market.

This activity reflects Bhutan’s established pattern of periodic Bitcoin sales. Past transactions typically reached around $50 million per tranche. In September 2025, heavier outflows were recorded, with multiple transfers exceeding that threshold.

Bhutan’s Bitcoin reserves have dropped significantly. From a peak of 13,295 BTC in October 2024, valued at $1.4 billion, holdings now stand at about 5,700 BTC. At current prices, this amounts to $403 million to $412 million, representing a decline of more than 70% in portfolio value.

Mining and Bitcoin News of Strategy Shift

Previous Bitcoin news shows that Bhutan entered Bitcoin mining in 2019, using its abundant hydroelectric power. The country’s rivers provided cheap and renewable energy, making mining highly profitable. Estimates suggest Bhutan earned about $765 million in profits from mining, against energy costs of $120 million.

This success positioned Bhutan among the world’s top holders of Bitcoin, ranking seventh globally even after recent sales.

The situation changed after the April 2024 halving event. Block rewards were cut in half, which doubled mining costs worldwide. For Bhutan, profitability from new production dropped sharply. As a result, the government shifted focus from indefinite hoarding to monetizing existing reserves.

Experts emphasize that Bhutan’s sales are strategic, not reactive. By using institutional channels, the kingdom avoids major price slippage. Unlike El Salvador’s “HODL” policy, Bhutan treats Bitcoin as a sovereign reserve, using it to fund national projects and support long-term development.

National Projects and Market Impact

In December 2025, Bhutan announced plans to allocate 10,000 BTC, worth about $420 million at the time. Per the Bitcoin news, they did this to build the Gelephu Mindfulness City.

This project in southern Bhutan aims to blend sustainability, technology, and wellness. It reflects the country’s Gross National Happiness philosophy, using crypto wealth for real-world development.

Market impact from Bhutan’s recent sales has been minimal. Bitcoin traded between $70,000 and $72,000 this week. Prices dipped 6–7% but quickly recovered amid broader market dynamics, including $700 million in crypto derivatives liquidations.

The structured nature of Bhutan’s transactions shows measured reallocation. Smaller batches suggest cash reserves are being built for infrastructure needs, especially with rising global interest rates and energy demands.

Despite reduced holdings, Bhutan remains a net winner in crypto. The country has achieved at least a 500% return on mining investments.

Bhutan mines Bitcoin at scale using renewable energy. This action highlights the potential of sovereign crypto strategies in developing economies.

Challenges remain in the post-halving era, but Bhutan’s recalibration shows Bitcoin’s evolution as a global asset class. For Bhutan, digital gold continues to support its path to prosperity.

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