Bhutan has sold more than 70% of its Bitcoin reserves over the past 18 months, according to on-chain analytics. In 2026, the kingdom’s wallet saw transfers totaling roughly $215.7 million in BTC moving outward, and about 18 hours ago another 250 BTC was moved, leaving the wallet with approximately 3,774 BTC, far below the roughly 13,000 BTC held in October 2024. The state-owned Druk Holding and Investments (DHI) has consistently carried out these sales, aligning with a hydro-powered mining program that began in 2019. Data shows Bhutan has not received mining inflows above $100,000 for more than a year, fueling speculation that the hydro-based mining operation may have been halted.
Beyond Bhutan, other miners have reduced holdings. Cango sold 2,000 BTC in March to repay Bitcoin-backed loans and now holds about 1,025 BTC. Mara sold roughly 15,133 BTC between March 4 and March 25, valued at about $1.11 billion, to re-acquire $1 billion in convertible bonds. Riot Platforms disposed of 3,778 BTC in Q1 2026 for around $289.5 million, with further transfer activity recorded in April.
Small holders also pared back. Genius Group sold all 84.15 BTC it held on April 1 to repay about $8.5 million of debt. Nakamoto Holdings sold about 284 BTC in March for around $20 million, realizing losses. Arcane Data, on-chain analytics, notes Bhutan’s state-owned investment company has been consistently selling. In contrast, MicroStrategy bought 44,377 BTC in a single period and now holds over 766,970 BTC.
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