Bhutan Offloads $18M Bitcoin in Fresh Sale as Strategy Shifts

Bhutan has been consistently disposing of its Bitcoin (BTC) holdings via its state-run investment company Druk Holding and Investments (DHI), according to blockchain analytics firm Arkham Intelligence, having reported the latest offload amounting to about $18 million worth of BTC.

In an X post on Friday, Arkham Intelligence reported that the Fifth Druk Gyalpo, King Jigme Khesar Namgyel Wangchuck’s administration, has so far disposed of close to $180 million worth of Bitcoin in the year 2026.

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The latest transfers, including movements from wallets linked to the Royal Government of Bhutan and DHI, bring total outflows in 2026 to over $215 million. Much of these funds were sent to unlabeled addresses, suggesting completed or ongoing sales.

Recent offloading activity

According to Arkham, Druk Holdings currently possesses roughly $272.8 million in funds, including a significant amount of Bitcoin worth considerably less than its peak value historically. Over the course of 2026, the government has consistently sold off portions in relatively small quantities of $5-10 million at a time, although increasingly larger sums have been observed more recently.

On April 9, approximately 319.7 BTC, worth around $22.8 million, was transferred through wallets linked to firms such as Galaxy Digital and OKX. Early this year, tens of millions were sent to market makers, including QCP Capital.

This marks a departure from Bhutan’s earlier strategy of accumulating Bitcoin through hydroelectric-powered mining.

Druk’s role and strategy shift

Bhutan’s crypto operations have been managed by DHI, which leveraged the country’s low-cost renewable energy to mine Bitcoin. The current selling trend suggests a strategic shift. With Bitcoin trading around $71,000–$73,000, the government appears to be taking profits or reallocating capital, potentially through over-the-counter deals to minimize market impact.

Analysts believe that the decision to divest may have come out of risk management on behalf of the government as a tiny state. Instead of holding all its money in crypto, it will look into other options that may be beneficial for development.

BTC price context

At the time of this writing, Bitcoin is trading at $73,135, up 3.03% over the past 24 hours and 9.19% over the past week, as per the data from CoinMarketCap. 

Technical indicators place resistance levels near $73,952 and $76,562, while support zones are estimated around $65,504 and $62,894. Recent price recovery has been partly linked to improving geopolitical sentiment following the U.S.–Iran ceasefire. 

Broader context

Bhutan was among the few countries to adopt a state-backed Bitcoin mining strategy using renewable energy. The ongoing sell-off marks a shift from accumulation to active treasury management.

The move highlights the challenges governments face in managing large crypto reserves, balancing potential gains with volatility and liquidity needs.

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