Bhutan Sells Another 100 BTC, Total Dump Reaches $230M
Bhutan, a tiny Himalayan kingdom, which is known for its Gross National Happiness policy, has started to sell its Bitcoins and has grabbed the attention of the crypto industry. The country was once known as a big buyer of Bitcoin, but is now cashing out big time.
According to Arkham data, the country is moving chunks of its Bitcoin holdings to exchanges, sparking questions about why this Bitcoin whale is suddenly selling.
Recent Moves: 100 BTC Shipped Out
A few hours ago today, May 12, 2026, on-chain data by Arkham Intelligence show that Bhutan transferred 100 Bitcoin (BTC) which were worth about $8.1 million at current prices, from its secure holding wallets. This is not the only transaction where the country let go of its Bitcoins.
Bhutan is selling Bitcoin.
Bhutan just moved 100 BTC ($8.1M) out of its holding wallets.
At their current rate of selling, they will run out of BTC before the end of September. pic.twitter.com/z8P7yf0kzS
— Arkham (@arkham) May 12, 2026
Back in April 2026, they did the same with another 100 BTC valued at $7.83 million. These transfers usually signal sales, as governments move coins to trading platforms like exchanges. But one thing is clear, that Bhutan is steadily offloading its digital gold stash.
Bhutan is selling Bitcoin.
Bhutan just moved another 100 BTC ($7.83M) out of its holding wallets.
At this rate, they will have sold all of their BTC by October this year. pic.twitter.com/RRUs1He4oS
— Arkham (@arkham) April 29, 2026
The Numbers: $230 Million Sold This Year
Since January 2026, Bhutan has dumped Bitcoin worth a whopping $230.39 million. That’s a huge shift for a nation with just over 770,000 people. They still hold somewhere about $252 million in BTC, but at their current pace, roughly $50 million per month, they could sell it all by late September or October.
If the prices remain steady around today’s levels (around $81,000 per BTC), Bhutan could pocket a massive $767 million on-chain profits. That’s gain from buying low during crypto winters and selling now in a bull market. Bhutan started stacking BTC years ago, mining it with its cheap hydropower, and turning green energy into a digital treasure.
From Accumulation to Seller: What’s the Pace?
Bhutan once held about $11,000 BTC, and this holding made it one of the world’s biggest government Bitcoin holders and a major example of nation-state crypto adoption. But its reserves have now dropped down to 3,110 BTC as the country continues to sell these coins at a steady pace.
Unlike El Salvador, which has largely held onto its Bitcoin, Bhutan appears to be cashing out methodically through wallets linked to state-owned Druk Holding and Investments. On-chain data shows regular transfers to exchange-linked addresses, which indicates that there are active sales rather than internal wallet movements.
As stated above, with sales averaging close to $50 million per month, analysts believe that Bhutan’s remaining Bitcoin reserves could be depleted by September if the current pace continues.
One of the crypto influencers posted on X and stated that Bhutan’s steady Bitcoin sales are attracting attention because the country was once seen as a quiet sovereign BTC accumulator. While a 100 BTC transfer alone is not significant, but consistent government selling can create short-term market pressure and hurt sentiment.
The user added that retail turns are the first ones to panic over such movements, whereas experienced investors focus more on the broader scale and long-term strategy. Even though with the ongoing sales, the influencer believes that it does not change Bitcoin’s bigger long-term adoption narrative among nation-states.
Why is Bhutan Selling Bitcoin?
Even though the main reason for selling is not known but it could be driven by a mix of profit-booking and national funding needs. The country built its BTC reserves during lower prices and is now sitting on a huge amount of profit.
Analysts believe that there is a possibility that the government could be using these profits to support infrastructure, public spending, or debt obligations, while some still speculate a portion may simply be wallet restructuring rather than full liquidations.
Also Read: Strategy Buys $2.54B in Bitcoin Eyes Dividend Changes
