Bhutan disputes $1B Bitcoin sell-off claims, says it doesn’t recall sales

Bhutan is disputing claims that it has sold approximately $1 billion worth of Bitcoin since mid-2025. On-chain analysts suggest that Bhutan, which held around 13,000 BTC accumulated through state-owned Druk Holding & Investments using hydroelectric power for mining, has seen its holdings drop significantly to between 3,100 and 3,400 BTC by spring 2026. This represents a reduction of about 75% of its peak holdings, with movements in 2026 alone exceeding $206 million. Bhutanese officials, however, state they "don't recall" any such sales, creating a credibility gap. This situation is notable as other countries have been increasing their sovereign Bitcoin holdings, while Bhutan appears to be liquidating its position. The potential exit from Bitcoin by Bhutan, a nation with a GDP of $3 billion and abundant hydroelectric power, could introduce supply-side pressure and signals that sovereign adoption trends are not universal.

(Source：Crypto Briefing)