Bhutan could walk away with a total profit of about $767 million if it sells its remaining bitcoins at close to current prices. These are astonishing figures for the Himalayan nation of 750,000 people, which has quietly built one of the world’s largest cryptocurrency reserves through hydroelectric mining.
The Math Behind Mining
The kingdom began mining Bitcoin in 2019, utilizing surplus power from glacier-fed rivers. It was run by the state-owned Druk Holding and Investments, and when it reached its peak in late 2024, its holdings amounted to nearly 13,000 BTC.
Block rewards were halved in April 2024, causing a significant drop in mining production. The last on-chain deposit of more than $100,000 to a wallet linked to Bhutan was more than 12 months ago, raising questions about whether mining is continuing.
On Tuesday, Bhutan moved 100 BTC worth about $8.1 million from its holding wallets, according to blockchain analytics firm Arkham Intelligence.
Currently, Vietnam has offloaded about $230 million worth of Bitcoin since January, equivalent to an average of about $50 million per month. Current holdings are approximately 3,100 BTC, valued at approximately $252 million.
Bhutan is selling Bitcoin.
Bhutan just transferred 100 BTC ($8.1 million) from its holding wallet.
At the current selling rate, BTC will run out before the end of September. pic.twitter.com/z8P7yf0kzS
— Arkham (@arkham) May 12, 2026
Selling without a fixed schedule
Arkham expects reserves to be exhausted before the end of September if sales of Bhutan continue at the current pace.
Not everyone buys that timeline. Markus Levin, co-founder of XYO, said the forecast assumes steady sales rates, but that’s not how Bhutan operates.
Sales began at the end of 2024 with 2,077 BTC worth $163 million, followed by a $100 million tranche in September 2025, with a quieter period in between.
Transfers began again earlier this year. According to the report, Bhutan moved more than $120 million in Bitcoin in March alone, including a single transfer of 519.7 BTC, worth $36.75 million at the time. According to reports, coins are often routed through QCP Capital, a Singapore-based trading firm.
Analysts say this pattern reflects a deliberate approach to finance. Lacie Zhang, research analyst at Bitget Wallet, described this activity as an active sovereign strategy aimed at cashing out profits while maintaining long-term exposure.
Because Bitcoin was mined at near-zero cost, every sale generates revenue regardless of the timing.
Cryptocurrency ambitions remain intact
The sale has not slowed Bhutan’s broader push for digital assets. Gelephu Mindfulness City, a special administrative district in southern Bhutan, has been designated to hold Bitcoin, Ethereum, and BNB as strategic reserves.
King Jigme Khesar Namgyel Wangchuck pledged 10,000 BTC, worth about $1 billion at the time, for city development in December 2025.
Featured image from Pexels, chart from TradingView
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