Bhutan Sells More Bitcoin In Weekly Liquidation Strategy

This marks the third consecutive week of state-mandated liquidations, highlighting how sovereign wealth funds are actively managing their digital assets to ensure liquidity.

According to onchain data from blockchain analytics platform Arkham Intelligence, the latest transfer was sent to a wallet labelled for merchant deposits. This continues a pattern of staggered weekly disposals by the national investment arm Druk Holding & Investments. The transaction follows a 184 BTC movement two weeks ago and an earlier transfer of 100 bitcoins transfer, bringing the total sales over the past three weeks to approximately $29mn at current market prices.

The historical balance chart shows that the national holdings have now declined to about 5,600 bitcoins. At current prices near $68,800, this reserve is valued at $385mn. This represents a significant drawdown from a peak of more than 13,000 units of the cryptocurrency in late 2024, with data indicating cumulative sales since September 2025 are approaching $129mn.

The economics of state mining

The recent sales cadence of $9mn to $10mn per week contrasts with prior liquidations that sometimes exceeded $50mn. As previously reported by Sandmark on 5 Feb, Bhutan has historically sold during periods of market weakness rather than executing outright exits. At that time, the country held approximately $403mn in digital assets, and recent data confirms those reserves are continuing to decrease.

The original Bitcoin stockpile was largely accumulated through state-backed mining operations launched in 2019. The sovereign investment arm leveraged the immense hydropower surplus of the nation to establish a major government-linked crypto mining facility.

However, the economic landscape shifted following the April 2024 Bitcoin halving. The event reduced block rewards from 6.25 to 3.125 bitcoins, which structurally increased production costs across the mining industry.

Onchain tracking indicates the net Bitcoin balance of Bhutan has nearly halved since its 2024 peak. This reinforces the view that the country is executing a calculated treasury strategy to manage liquidity rather than maintaining a passive reserve. With holdings now significantly reduced, the ongoing liquidations offer a practical look at how governments handle crypto market volatility.