Bhutan reduces Bitcoin reserves to 518 BTC following latest sale

Bhutan continues to aggressively reduce its Bitcoin reserves, transferring 400 BTC, valued at approximately $31.78 million, out of government-linked wallets on September 7, 2026. The transaction, conducted by the state investment entity Druk Holding and Investments, appears to be a move toward liquidation.

This latest transfer brings Bhutan’s total on-chain holdings down to 518 BTC, worth roughly $41 million. This represents a massive decline from the nation’s peak holdings of 13,390 BTC recorded in October 2024. The country originally accumulated these assets through large-scale Bitcoin mining operations powered by its abundant hydroelectric resources.

Over the past two years, the Bhutanese government has shifted its policy to decrease cryptocurrency exposure, liquidating not only Bitcoin but also smaller holdings of ETH and BNB. Previous transfers have involved moving assets to centralized exchanges such as Binance and institutional entities including Galaxy Digital and QCP Capital.