Bhutan has sold roughly $230.39 million worth of Bitcoin since the start of the year, Arkham said, and continues to offload around $50 million per month.
Bhutan is selling Bitcoin.
Bhutan just moved 100 BTC ($8.1M) out of its holding wallets.
Decrypt has reached out to Druk Holding Investments and Gelephu Mindfulness City for comment.
Lacie Zhang, research analyst at Bitget Wallet, told Decrypt the transfers reflect "an active sovereign treasury strategy rather than a bearish signal."
"The key point is that these sales are being used to monetize gains generated through state-backed Bitcoin mining powered by hydropower, helping fund national development and diversify reserves while maintaining long-term exposure to the asset," Zhang said.
Zhang noted the approach signals an evolution in how sovereign holders think about Bitcoin, not as digital gold to be vaulted indefinitely, but as a liquid strategic asset.
"Bhutan's approach suggests sovereign holders may begin adopting more sophisticated 'hold and optimize' strategies — actively managing volatility, realizing profits during strength, and reallocating capital when appropriate,” she added.
That represents an “important change” in how Bitcoin is perceived within “sovereign reserve management, Zhang noted, and could “encourage other nations” to explore similar treasury frameworks over time.
Bhutan’s sales have been uneven rather than systematic, according to Markus Levin, co-founder of XYO.
"Arkham's October timeline assumes they keep selling at the same pace. They haven't—it's been bursts, not a steady drain," he told Decrypt.
The kingdom’s Bitcoin sales have been uneven, beginning with 2,077 BTC worth $163 million in late 2024, followed by bursts including a $100 million tranche in September 2025, interspersed with quieter periods.
Bhutan mind most of its Bitcoin at “near-zero cost," Levin said, adding that, "Whatever they sell, it's a profit." He noted that, "unlike a hedge fund, they have schools to build, salaries to pay, and a new city to fund. Bitcoin HODLing is a luxury for entities that don't have citizens."
Bhutan’s crypto pushWhile the country offloads Bitcoin, its wider crypto push is moving forward.
DK Bank offers multi-currency accounts across nine currencies, including USD, EUR, SGD, and INR, with fees fully waived for at least the first six months for GMC-licensed firms.
"Our goal is to create a trusted platform for digital assets and financial innovation, where regulation, infrastructure, and execution are aligned from the outset,” Jigdrel Singay, board member and digital assets lead at Gelephu Mindfulness City, said in a statement.
