Bhutan sells $42.5 Million of BTC in 2026 as national stack drops 58% from peak

The Royal Government of Bhutan, through its state-owned investment arm Druk Holding and Investments (DHI), has been consistently selling its Bitcoin holdings in 2026. Recent transactions, including 175 BTC moved in March and prior sales in February totaling about $42.5 million in outflows, suggest a steady drawdown. Bhutan's BTC stack, accumulated via state-backed hydroelectric mining with near-zero cost basis, peaked around 13,000 BTC in late 2024. It has since dropped by 58% to under 5,400 BTC. This reduction is occurring despite Bhutan's commitment of up to 10,000 BTC to fund the Gelephu Mindfulness City economic zone. The sales appear to be part of a planned treasury drawdown rather than being driven by price pressure.

(Source：CoinDesk)