Bhutan could walk away with roughly $767 million in total profit if it sells its remaining Bitcoin near current prices — a striking figure for a Himalayan nation of 750,000 people that quietly built one of the world’s largest sovereign crypto reserves through hydropower mining.
The Math Behind The Mining
The kingdom began mining Bitcoin in 2019, tapping surplus electricity from its glacier-fed rivers. State-owned Druk Holding and Investments ran the operation, and at its peak in late 2024, the reserve reached nearly 13,000 BTC.
The April 2024 block reward halving cut mining output significantly. The last on-chain deposit above $100,000 into Bhutan-linked wallets occurred more than 12 months ago, raising questions about whether active mining continues at all.
On Tuesday, Bhutan moved 100 BTC — worth about $8.1 million — out of its holding wallets, according to blockchain analytics firm Arkham Intelligence.
The country has now offloaded roughly $230 million in Bitcoin since January, averaging about $50 million a month. Current holdings sit at approximately 3,100 BTC, valued near $252 million.
Bhutan is selling Bitcoin.
Bhutan just moved 100 BTC ($8.1M) out of its holding wallets.
At their current rate of selling, they will run out of BTC before the end of September. pic.twitter.com/z8P7yf0kzS
— Arkham (@arkham) May 12, 2026
A Sell-Off With No Fixed Timeline
Arkham projects Bhutan will exhaust its reserves before the end of September if sales continue at the current pace.
Not everyone buys that timeline. Markus Levin, co-founder of XYO, said the projection assumes a steady rate of selling — but that is not how Bhutan has operated.
Sales started with 2,077 BTC worth $163 million in late 2024, followed by a $100 million tranche in September 2025, with quieter stretches in between.
Earlier this year, transfers picked up again. Reports indicate Bhutan moved over $120 million in Bitcoin during March alone, including a single transfer of 519.7 BTC valued at $36.75 million at the time. Coins are often routed through Singapore-based trading firm QCP Capital, according to reports.
Analysts say the pattern reflects a deliberate treasury approach. Lacie Zhang, a research analyst at Bitget Wallet, described the activity as an active sovereign strategy aimed at monetizing gains while keeping some long-term exposure.
Since the Bitcoin was mined at near-zero cost, every sale generates profit regardless of timing.
Crypto Ambitions Remain IntactThe sell-down has not slowed Bhutan’s broader push into digital assets. Gelephu Mindfulness City , a special administrative region in southern Bhutan, has been designated to hold Bitcoin, Ethereum, and BNB as strategic reserves.
King Jigme Khesar Namgyel Wangchuck pledged up to 10,000 BTC — then worth around $1 billion — toward the city’s development in December 2025.
Featured image from Pexels, chart from TradingView