Bhutan sold about $150 million of bitcoin during the first three months of 2026, accelerating its asset disposals.

Background of Bhutan’s bitcoin activity

The Himalayan kingdom started mining bitcoin in 2019 using surplus hydroelectric power from glacial rivers and infrastructure near generation sites.

By the end of 2024, government holdings peaked at 13,000 BTC, with peak market value approaching $1.88 billion.

Sales dynamics in early 2026

Authorities began liquidating holdings in January and continued through March, reporting distinct monthly disposal figures and proceeds.

• In January 2026 the government sold 285 BTC for proceeds of $22.4 million.
• In February 2026 the kingdom disposed of 100 BTC for $6.77 million.
• On 25.03.2026 a single transfer moved 519.7 BTC for $36.75 million, marking the month’s largest sale.

Reserves, rankings and market impact

After these disposals, government wallets reportedly hold about 4,453 BTC, valued at roughly $315 million, a decline of 66% from the peak volume.

In mid-2025 Bhutan ranked third among public bitcoin holders, behind the United States and China, but dropped to seventh place in early 2026.

The kingdom was overtaken by the United Kingdom, Ukraine, the United Arab Emirates and El Salvador in the updated public rankings of state holders.

Market reception

Despite the substantial sales, market participants have so far absorbed the supplied volumes without a noticeable downward pressure on bitcoin prices.

Observers note that the sales pace has increased, while immediate market impact remains limited amid broader trading activity and liquidity conditions.