Bhutan’s Bitcoin outflows top $237M as holdings shrink

Bhutan moved another 90 BTC in 2026, raising outflows above $237M. Sovereign holdings now stand at $233M, suggesting a strategic reduction in Bitcoin exposure.

Bhutan has continued its significant Bitcoin transfers in 2026, moving another 90 BTC—valued at around $7 million—to SegWit addresses. These transactions have pushed the country’s total Bitcoin outflows for the year above $237 million. Sovereign holdings have dropped from about 13,390 BTC in October 2024 to roughly 10,000 BTC, now worth approximately $233 million. On-chain data indicates that recent transfers have been routed through addresses outside Bhutan’s traditional wallet clusters, fueling speculation about a strategic reduction in Bitcoin exposure. Analysts suggest these moves may be part of a controlled liquidation strategy, possibly in response to changing mining economics after the 2024 Bitcoin halving. Proceeds from the sales are expected to support infrastructure and national development projects. If the current pace continues, Bhutan could fully unwind its sovereign Bitcoin position by year-end, marking one of the largest state-led crypto treasury drawdowns of 2026.