Bhutan Quietly Offloads Over 2,500 BTC in 40 Days

Kingdom’s Bitcoin Holdings Slip from Over 10K to 7.5K

Crypto markets took note as Bhutan, one of the world’s largest sovereign bitcoin holders, reduced its BTC reserves by 2,584 coins in just 40 days. On March 24, data from Arkham Intelligence revealed the country held 10,070 BTC. That figure has since dropped to 7,486 BTC, currently worth approximately $720 million.

Unlike other nations, Bhutan has accumulated its bitcoin solely through mining rather than direct market purchases. However, every bitcoin sold during this recent divestment was sent to separate, unidentified addresses, raising questions about the precise use of the funds.

According to statements from Prime Minister Tshering Tobgay, revenue from past BTC liquidations has supported national priorities, including public sector wage adjustments and healthcare services. Although no official explanation has been issued by the Bhutanese government or Druk Holding & Investments (DHI), the nation’s sovereign investment arm, it’s speculated that the latest liquidation may serve similar ends—or possibly fund expansion of its mining infrastructure.

Bhutan Still Outranks El Salvador in Bitcoin Holdings

Despite the reduction, Bhutan remains the fourth-largest nation-state holder of bitcoin, with more coins than El Salvador, which holds 6,166 BTC. El Salvador continues to accumulate steadily, buying 1 BTC per day as part of its national crypto strategy.

Leading the global rankings, the United States controls 198,012 BTC, followed by the United Kingdom with 61,245 BTC. North Korea’s infamous Lazarus Group reportedly manages 8,358 BTC, putting it just ahead of Bhutan for now.

Interestingly, the U.K. stands apart from the rest, as it is not actively incorporating bitcoin into any formal long-term national plan. In contrast, Bhutan’s mining-based strategy—and its decision to channel proceeds into essential government programs—reflects a uniquely practical approach to state-level crypto adoption.

Bhutan’s latest moves suggest a balancing act: leveraging bitcoin as a national asset while using proceeds to meet domestic needs, all while maintaining a top-tier position in the sovereign crypto hierarchy.

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