Bhutan nears full Bitcoin liquidation in 2026

Bhutan has sold 9,579 BTC in 2026, moving another 100 BTC worth $7.83M. Holdings dropped to 3,421 BTC, with mining halted. Full liquidation is expected by October if the pace continues.

Bhutan continues its systematic reduction of Bitcoin holdings, recently moving another 100 BTC—valued at approximately $7.83 million—from state-linked wallets. According to on-chain data from Arkham Intelligence, the kingdom has sold about 9,579 BTC so far in 2026, totaling nearly $206.98 million in sales this year. Currently, Bhutan's reserves stand at around 3,421 BTC, worth about $263–$265 million, marking a sharp decline from its peak of over 13,000 BTC in late 2024. This ongoing liquidation follows years of accumulation through hydropower-driven mining, which appears to have ceased, as no significant mining inflows have been recorded for over a year. The sales are managed in smaller batches, typically between $5 million and $10 million, executed via exchanges, OTC desks, and intermediary wallets. If this pace continues, analysts expect Bhutan could fully liquidate its Bitcoin holdings by October 2026, signaling a major shift from accumulation to distribution.