Bhutan is selling portions of its Bitcoin holdings to fund national development initiatives while managing its state-mined crypto reserves.
Author: Arushi Garg
Steady attention without excessive speculation.
5 February, 2026: Bhutan has been selling part of its hydropower-mined Bitcoin holdings to manage market swings, offloading over $200 million in the past year while retaining about 13,119 BTC worth roughly $860 million as a long-term national asset.
High Signal Summary For A Quick Glance
Bhutan’s recent Bitcoin transfers are linked to profit-taking during price highs, using BTC mined with surplus hydropower since 2019. The funds were directed toward national needs like public sector pay hikes and projects such as the Gelephu Mindfulness City, allowing the country to raise capital without tapping its fiat reserves.
This isn’t new. Bhutan has sold small portions of its Bitcoin holdings in past cycles as part of a long-term strategy, which previously caused brief market jitters but no lasting impact. Bitcoin prices stabilized as investors noted Bhutan kept most of its reserves, with analysts viewing the sales as smart financial management rather than distress selling.
Key milestones in Bhutan’s evolving state-backed Bitcoin strategy
Bhutan’s Royal Monetary Authority releases its first public caution against cryptocurrency use, citing financial, legal, and regulatory risks.
The RMA introduces a Regulatory Sandbox Framework to safely test crypto mining and blockchain-related initiatives.
Bhutan initiates Bitcoin mining via Druk Holding & Investments, using surplus hydropower while BTC trades near $5,000.
Bhutan imports large-scale ASIC hardware and establishes its largest mining facility in Thimphu to scale operations.
DHI partners with Bitdeer to launch a $500M green crypto fund focused on renewable-powered Bitcoin mining.
Bhutan and Bitdeer begin expanding mining capacity toward 600MW by 2025, including construction of a sixth mining facility.
Arkham Intelligence discloses Bhutan holds 13,011 BTC (≈$780M), largely accumulated through state mining since 2019.
Bhutan sells over $100M in BTC, including 367 BTC via Binance, to fund national development initiatives.
The government transfers 184 BTC to a new address, fueling speculation around OTC sales for infrastructure funding.
Bhutan launches the world’s first national crypto-enabled tourism payment system in partnership with Binance Pay.
As Bitcoin hits record prices, Bhutan moves over 1,300 BTC to exchanges and new wallets, likely for liquidation.
Bhutan commits up to 10,000 BTC (≈$1B) to finance the Gelephu Mindfulness City mega-development project.
The government transfers BTC to QCP Capital and executes a ~$22.4M sale, continuing a structured asset monetization strategy.
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