Bhutan’s government sold another $6.7 million worth of Bitcoin this week. Data tracked by Arkham shows the transfers fit a steady pattern seen over the past three weeks, suggesting a treasury move already in motion rather than a sudden rush to sell.
Even after the latest transactions, wallets tied to the government still hold about $372 million in BTC. The report notes that Bhutan had already sold at least $100 million worth of Bitcoin in September, and the country now appears to be continuing that gradual approach. The position remains large, but the sales are ongoing.
Post-halving mining pressure is changing how Bhutan uses its BTC
Most of Bhutan’s Bitcoin came from state-backed mining operations run by Druk Holding and Investments. The country had previously worked with Bitdeer Technologies to expand mining capacity to as much as 600 megawatts.
That model became harder to maintain after Bitcoin’s April 2024 halving, which reduced the reward miners receive for validating transactions. With mining returns cut across the sector, Bhutan appears to have shifted from simply holding mined BTC to selling portions of it when cash is needed. It is a practical change, not a dramatic one.
Analysts cited in the report estimate Bhutan’s average acquisition cost at close to $8,000 per Bitcoin. On that basis, the country is still sitting on substantial gains despite recent price swings.
Smaller, repeated sales point to execution discipline
Market analyst Vugar Usi said Bhutan’s latest transactions look controlled and planned. Instead of moving one large block, the government has been selling in smaller clips over time, a pattern that stands out on-chain.
The report also says some transactions may involve large trading firms such as QCP. That weekly rhythm suggests Bhutan is spreading execution risk across multiple sales rather than trying to hit one ideal market level. For the market, that usually creates less disruption than a single large disposal.
Reuters had previously reported that Bhutan used crypto profits to support public spending, including salary payments. That detail adds context to the recent transfers: the sales appear linked to funding needs and reserve management, not to a collapse in confidence.
Bitcoin is being handled more like a reserve asset
Bhutan’s approach offers a clear example of how a government can treat Bitcoin as part of a balance-sheet strategy instead of a purely speculative holding. The country mines BTC using hydropower, builds up a digital reserve, and sells portions of that reserve when funds are required.
That makes the latest sales notable for a reason beyond their size. A government is managing mined Bitcoin in a visible, trackable way, folding production, custody, and liquidation into a broader treasury framework. The sale itself matters. So does the method.