On Wednesday, Bhutan moved 100 Bitcoin equivalent to approximately 7.83 million dollars in state-linked wallets. The relocation increased its total Bitcoin sales of 2026 to almost $206.98 million, according to on-chain data by Arkham Intelligence.
The nation currently has 3,421 BTC in tracked wallets. These reserves are estimated to be worth about 265 million. The progressive depreciation is an indication of a regulated decrease of the already extracted resources.
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Bhutan Cuts Bitcoin Holdings After Peak Accumulation
In 2019, Bhutan started storing Bitcoin with excess hydropower. The initiative was run by Druk Holding and Investments. The strategy transformed surplus energy into digital resources over time.
In late 2024, holdings were over 13,000 BTC. Existing balances show that approximately 9,579 BTC is sold. The numbers indicate a definite change of accumulation to distribution.
According to recent blockchain information, there are no inflows of mining above $100,000 in over a year. This suggests mining operations have stopped. The emphasis has changed to the monetization of current holdings.
Bhutan lost more than 70% of its peak reserves since October 2024. Exchanges and OTC desks have been used to carry out transfers. There were also transactions that were made through intermediary wallets.
The majority of sales is between $5 million and $10 million. There have been bigger transfers of 500 BTC and more at various intervals this year. The trend indicates an organized and unvarying selling strategy.
Bitcoin Holdings Decline as Profits Rise
Total realized profits are estimated on-chain between $754 million and $758 million. Low-cost hydropower lowered the cost of production. Consequently, the majority of the proceeds turned to direct gains.
By October 2026, analysts forecast that the rest of the Bitcoin reserves may be exhausted. This perspective presupposes further selling. It also hinges on the absence of a restart of mining activities.
The channels differ in transaction routing. Other transfers are directly to exchanges or market makers. The rest are moved through intermediate wallets.
The approach of Bhutan is different as compared to those that possess confiscated Bitcoin. Its reserves were formed as a result of state-supported mining. The continued sales are an indication of a change of priorities towards domestic funding.
As of press time, Bitcoin (BTC) is trading at $76,601.53, showing an increase of 0.88% in the past 24 hours, with a market capitalization of $1.53 trillion, according to CoinMarketCap.
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