In 2026, the Kingdom of Bhutan quietly emerged as one of the notable sovereign sellers in the Bitcoin market. Its national investment agency, Druk Holding & Investments (DHI), has sold over $110 million worth of Bitcoin since the beginning of the year, leading to a systematic reduction of its Bitcoin holdings by 65% from peak levels, raising concerns about the future of this unique national cryptocurrency success story.
The most recent and largest transaction occurred between March 17 and 18, when DHI transferred approximately $72.3 million worth of 973 Bitcoins to multiple addresses. Some of the Bitcoins were moved to QCP Capital, an institutional trading firm in Singapore, indicating that the sale employed a structured over-the-counter (OTC) strategy aimed at minimizing market impact rather than executing a panic sell-off on exchanges. Additionally, some Bitcoins were transferred to Binance's hot wallet.
Bhutan's relationship with Bitcoin began in 2019 when the country started discreetly mining Bitcoin using its abundant hydropower resources. With nearly zero marginal costs due to excess hydropower generated from the Himalayan rivers, its mining operations remained highly profitable even when Bitcoin prices were low. At its peak, Bhutan held around 13,000 Bitcoins, valued at over $1.4 billion, a fortune that once accounted for more than 40% of the country's GDP. Today, these holdings have shrunk to approximately 5,400 Bitcoins, worth about $374 million at current prices.