Another sale of 319.7 BTC ($22.68 million USD) occurred last week in Bhutan as part of a Bitcoin transfer from Druk Holding and Investments (the country's sovereign wealth fund) — likely for future off-market transactions. While it's common for Bitcoin transfers to be completed with many subsequent intermediate wallet transactions, this transfer's intermediary wallet was the same one previously used for routes to Galaxy Digital and other exchanges. Another new Bitcoin route has now been created by this transaction; yet still, no information about this transfer has been shared publicly. Druk Holdings was unavailable for comment. This trend is concerning, not just for reasons of speculation or mystery, but for the significant issues relating to market manipulation that could be introduced if nothing changes.<h2>From 13,000 BTC to Under 4,000: The Numbers</h2>As of October 2024, Bhutan held nearly 13,000 BTC, acquired via a hydroelectric-mining operation carried out by Druk Holdings &amp; Investments. Now holdings are down to 3,954 BTC with an approximate value of $280.6 million — a drop of<a href="https://www.coindesk.com/markets/2026/04/11/bhutan-has-sold-70-of-its-bitcoin-in-18-months-it-may-have-stopped-btc-mining-too" rel="noopener noreferrer" target="_blank"> </a>70% in less than 18 months.Here's how the drawdown breaks down over time: <table style="border:none;border-collapse:collapse" class="ql-table-better"><temporary class="ql-table-temporary" style="border:none;border-collapse:collapse" data-class="ql-table-better"> </temporary><colgroup><col width="145"><col width="113"><col width="149"><col width="67"></colgroup><tbody><tr><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="1">Period</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="1">BTC Holdings</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="1">Approx. USD Value</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="1">Change</td></tr><tr><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="2">Peak (Oct 2024)</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="2">~13,000 BTC</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="2">~$1.17B</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="2">—</td></tr><tr><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="3">Early 2025</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="3">~10,000 BTC</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="3">~$900M</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="3">-23%</td></tr><tr><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="4">March 2026</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="4">~5,600 BTC</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="4">~$400M</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="4">-57%</td></tr><tr><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="5">April 2026 (current)</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="5">~3,954 BTC</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="5">~$280M</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="5">-70%</td></tr></tbody></table> According to<a href="https://www.cryptotimes.io/2026/04/10/bhutan-offloads-18m-bitcoin-in-fresh-sale-as-strategy-shifts/" rel="noopener noreferrer" target="_blank"> </a>Arkham on-chain data, the Bhutanese government moved approximately $215.7 million of its Bitcoin holdings this year, with $162.6 million sent to unidentified wallets. Block That said of the total amount transferred to unidentified wallets, the causes are unknown and thus cause much concern among analysts. Unknowns could include OTC sales, custody moves or some other reason. No one can provide a definitive answer.<h2>How Bhutan Built This Stash in the First Place</h2>Bhutan has an interesting story with bitcoin — and it's important to understand it before dismissing it as just another government sell-off.Bhutan built its bitcoin position using<a href="https://fortune.com/asia/2025/05/11/bhutan-sovereign-wealth-fund-bitcoin-green-energy/" rel="noopener noreferrer" target="_blank"> </a>state-sponsored hydropower mining; government officials referred to this as part of their "green bitcoin economy" and a way to diversify revenue from exporting electricity. The argument was compelling on paper Bhutan has excess hydroelectric power, a low population density, little legacy financial infrastructure, and a sovereign wealth fund that is able to rapidly make decisions. Instead of exporting raw hydroelectricity directly, Bhutan was converting that electricity into bitcoin — an asset traded in the global markets for cash, but can sell anytime depending on their needs. Additionally, Bhutan was investigating whether large corporations could purchase Bhutan's "green" bitcoins in order to meet their ESG criteria. This was astute because, as institutions are being pressured to disclose the carbon footprint of their holdings, Bhutan could provide a story behind their hydro-powered mined bitcoins. It is uncertain whether any large scale transactions have occurred.<h2>The Mining Operation May Have Stopped</h2>Now we enter the land of the truly bizarre. Over the past year, Bhutan has not had any new inflows of Bitcoin greater than $100,000. Speculation is rife that Bhutan's Bitcoin mining operation, powered by hydropower, may have ceased operations. If this is the case, it changes the economics drastically. A country that was actively mining Bitcoin and selling it as it produced it creates a different outcome than a country simply drawing down its existing supply. A country that once mined Bitcoin from its own rivers could be using up its existing supply of Bitcoin with no new supply coming in to replace what they are selling. The economic theories provide further evidence of this theory. Bhutan's continued operation of its mining facility would have made sense when the network difficulty was lower and the price of Bitcoin was above $90,000. At the current price of close to $71,000, the<a href="https://www.ccn.com/news/crypto/bhutan-bitcoin-sell-off-march-2026/" rel="noopener noreferrer" target="_blank"> </a>network difficulty has reached an all-time high, and the rewards for mining have been cut in half post-halving to 3.125 BTC, combining to narrow the margins on mining operations opened by small sovereign states like Bhutan.<h2>Still a Top-5 Nation-State Holder — For Now</h2>Despite the scale of the selloff, Bhutan remains the fifth-largest publicly tracked nation-state Bitcoin holder, behind the United States (328,000 BTC), the United Kingdom (61,000 BTC), El Salvador (7,600 BTC), TradingView and China. That's a notable position for a country of roughly 800,000 people. In December 2025, Bhutan unveiled a<a href="https://www.coindesk.com/policy/2025/12/17/bhutan-commits-up-to-10-000-bitcoin-to-back-new-mindfulness-based-economic-hub" rel="noopener noreferrer" target="_blank"> </a>national Bitcoin Development Pledge committing up to 10,000 BTC to support the long-term development of its Gelephu Mindfulness City special administrative region. TradingView Whether that pledge is still on the table — given that current holdings are already below 4,000 BTC — is an open question.<h2>What This Actually Means</h2>The selling has accelerated into a market where virtually every other major holder is doing the opposite.<a href="https://www.strategy.com/press/strategy-acquires-4871-btc-and-now-holds-766970-btc_04-06-2026" rel="noopener noreferrer" target="_blank"> </a>Strategy bought 4,871 BTC for $330 million recently, bringing its total to 766,970 BTC. Bhutan is the only sovereign-level holder visibly liquidating. That contrast matters. It doesn't mean Bhutan is wrong, but it does suggest the government is responding to fiscal pressure rather than executing some long-planned strategic pivot. A country that makes pledges measured in billions of BTC and then quietly sells down to sub-4,000 is not operating from a position of strength. The silence from Druk Holding makes it harder to interpret anything charitably. No statement, no timeline, no explanation for where $162 million in Bitcoin went after landing in unlabeled wallets. Bhutan built something genuinely interesting with its hydropower mining experiment. Whether what's happening now is a careful unwind or a quiet collapse — the answer still isn't public.

Bhutan sold ~70% of its BTC holdings, dropping from 13K to under 4K coins. Opaque transfers and halted mining raise concerns over strategy, liquidity needs, or silent unwinding of its crypto position.

Bhutan Is Quietly Selling Its Bitcoin  And Nobody Knows Why

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