Bhutan sold $42.5 million worth of Bitcoin in 2026. The country's holdings are now down 58% fro

Bhutan Quietly Moves Another $11.8M in BTC—Nation's Crypto Reserves Now Down 58% From Peak

Bhutan is still trimming its Bitcoin stash. The Royal Government just shifted another 175 BTC (about $11.85 million) to a familiar bc1q address—the same one that took in 184 BTC back in February. Looks less like random shuffling and more like structured treasury moves or quiet OTC deals.

The transfers are handled by Druk Holding and Investments, the state fund behind Bhutan's hydro-powered mining operation. February alone saw four big outflows: 184 BTC, another 200 BTC to QCP Capital's institutional address, and $1.5 million in USDT to market wallets. Total that month: $30.7 million. Add this week's move, and 2026 outflows are closing in on $42.5 million.

Bhutan's peak? Around 13,000 BTC in late 2024, mined cheap with hydropower. Now? About 5,400 BTC—a 58% drop. Price hasn't helped either: from $119K then to $69K now. That stash once topped $1.5 billion; today it's worth roughly $374 million.

But context matters. In late 2025, Bhutan said it would commit up to 10,000 BTC to fund the Gelephu Mindfulness City project—a plan to weave digital assets into national reserves. So these sales likely aren't panic moves. With near-zero cost basis from hydropower mining, Bhutan can sell without sweating the price. This looks like fiscal planning, not forced liquidation.