Bhutan is quietly unwinding one of the most unusual sovereign bitcoin experiments. On July 23, 2026, the Royal Government of Bhutan transferred roughly 319.7 BTC ($22.68 million) to two addresses, according to Arkham Intelligence. About 250 BTC went to a wallet previously used for sales via Galaxy Digital and OKX; the remaining 69.7 BTC went to an unlabeled address. The move is the latest in a series of ongoing sales.
Bhutan once led sovereign bitcoin mining, leveraging cheap hydropower through its sovereign wealth fund Druk Holding and Investments. In October 2024, it held around 13,000 BTC. Holdings have now dropped to 3,954 BTC ($280.6 million), a 70% reduction in 18 months. Arkham data shows $215.7 million in bitcoin moved out of Bhutan's addresses this year alone, with $162.6 million going to unlabeled wallets.
On-Chain Data: Accelerating Sales vs. Global Accumulation
The selling has accelerated while nearly every other major holder does the opposite. Strategy bought 4,871 BTC ($330 million) last week, bringing its total to 766,970. U.S. spot ETFs absorbed about 50,000 BTC in March. The Ethereum Foundation staked $93 million of ether in a single day rather than sell. Even gold-backed sovereign funds added positions during the Iran conflict. Bhutan stands out as the only sovereign-level holder visibly liquidating.
Mining May Have Stopped: No Large Inflows for a Year
A bigger question is whether the mining operation itself still runs. Arkham data shows the last bitcoin inflow above $100,000 to Bhutan's addresses was over a year ago. The kingdom that once generated bitcoin from its own rivers may now be spending down accumulated stock with no new supply. Druk Holdings did not respond to requests for comment. Economics may explain the shift: mining was viable when difficulty was lower and bitcoin traded above $90,000. At current levels near $71,000, with network difficulty at all-time highs and the post-halving block reward reduced to 3.125 BTC, margins for small-scale sovereign mining have compressed sharply.