Bhutan appears to have liquidated 70% of its Bitcoin in an 18-month span, with indications it may no longer be mining BTC.

Bhutan is quietly dialing back one of the most notable sovereign bitcoin experiments, steadily reducing a position it spent years building.

The kingdom’s holdings have dropped from around 13,000 BTC in October 2024 to 3,954 BTC today, a decline of roughly 70% over 18 months. Blockchain data shows that $215.7 million in bitcoin has flowed out of Bhutan-linked wallets so far in 2026. Meanwhile, the last mining inflow exceeding $100,000 was recorded more than a year ago, suggesting activity may have slowed significantly or ceased altogether.

In the latest move, Bhutan transferred approximately 319.7 BTC—worth $22.68 million—on Thursday, according to Arkham Intelligence. About 250 BTC was sent to a wallet previously associated with transactions routed to Galaxy Digital and OKX, indicating a likely path toward sale. The remaining 69.7 BTC was moved to a newly created, unlabeled address.

The transaction fits into a broader pattern of ongoing divestment.

Bhutan originally accumulated its bitcoin through a hydropower-backed mining initiative led by Druk Holding and Investments, its sovereign wealth fund. The strategy drew attention as a rare example of a government leveraging renewable energy to build a digital asset reserve, positioning the country as an early mover in sovereign mining.

That approach has since shifted. Current holdings, valued at approximately $280.6 million, reflect a consistent drawdown, with a large share of recent outflows heading to unidentified wallets.

The move away from mining and long-term holding underscores the challenges of maintaining a national bitcoin strategy through volatile market cycles. It also highlights the gap between bitcoin’s appeal as a strategic asset for governments and the practical realities of managing exposure over time.

With just under 4,000 BTC remaining, Bhutan’s position now pales in comparison to large corporate buyers. Strategy, for example, has at times accumulated more bitcoin in a single week than Bhutan currently holds, underscoring how market leadership has shifted toward institutional players.

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