Bhutan has sharply reduced its Bitcoin reserves, according to blockchain intelligence platform Arkham. The data shows the country began moving coins out in late 2024, and by April 2026 more than $215.7 million worth of Bitcoin had left wallets linked to the country. Its visible stash fell from roughly 13,000 BTC to 3,954 BTC, a decline of nearly 70%.
Outflows point to staged selling rather than a one-time exit
The transfers were not executed as a single large disposal. On-chain records show a series of separate transactions spread over time, which suggests a managed reduction in holdings instead of an abrupt liquidation. Arkham’s tracking indicates Bhutan’s on-chain footprint has changed materially over the past year and a half as reserves continued to shrink.
Neither the Bhutanese government nor Druk Holding and Investments, or DHI, has publicly explained the reason behind the drawdown. Without direct comment, the market has been left to interpret the wallet activity on its own, with speculation centered on possible policy or fiscal adjustments rather than any confirmed official plan.
Hydropower mining had been central to Bhutan’s crypto strategy
Bhutan drew attention in the crypto sector through state-linked Bitcoin mining powered by its hydropower resources. DHI has been a key institution in that effort, overseeing mining activity and digital asset management. That made Bhutan one of the few sovereign participants operating at noticeable scale in both Bitcoin mining and long-term holding.
At the same time that reserves have been falling, mining activity appears to have slowed as well. Recent blockchain data shows mining inflows, once a steady source of newly accumulated Bitcoin, have dropped to below $100,000 per month. There has been no notable increase for more than a year.
Mining inflows remain weak with no official update
In earlier periods, hydropower-based mining was seen as a core part of Bhutan’s digital asset accumulation model. The lack of sizable recent inflows now points to a significant reduction in mining activity, or possibly a pause, though no official confirmation has been issued on the exact status of those programs. Analysts are still relying mainly on visible on-chain evidence.
Arkham and other analytics platforms say the trend is still in place. Wallet monitoring shows regular outflows across recent months, with no sign of a reversal so far. Attention remains fixed on the transparency of the transactions and on how much of Bhutan’s sovereign Bitcoin reserve is still left on-chain.