Bhutan’s Bitcoin reserves shrink fast—could run out by September

Bhutan has sold over $230M in Bitcoin in 2026, transferring another 100 BTC worth $8.1M. With reserves at $252M, continued sales could deplete holdings by September, yielding a $767M profit.

Bhutan has continued its steady liquidation of Bitcoin holdings in 2026, recently transferring about 100 BTC valued at $8.1–$8.2 million. On-chain data from Arkham Intelligence and other analytics platforms show that Bhutan has sold over $230 million worth of Bitcoin this year. Current reserves are estimated between 3,100 and 3,421 BTC, valued at approximately $252–$265 million. The average monthly sale is around $50 million. If this pace continues, Bhutan could deplete its Bitcoin reserves by September or October 2026. The country accumulated its Bitcoin primarily through state-backed mining powered by hydroelectric energy. If all sales occur at current prices, Bhutan’s cumulative on-chain profit could reach about $767 million. The sales pattern indicates a strategy of orderly profit-taking and balance sheet rebalancing, rather than panic selling.