Bhutan has offloaded more than $72 million worth of Bitcoin, continuing a broader trend of reducing its national crypto holdings amid market weakness.
The country’s state-owned investment arm, Druk Holding and Investments, transferred 973 BTC across six transactions in the past 24 hours, according to blockchain data.
The latest sale follows earlier transactions, including a 175 BTC transfer earlier in March, as Bhutan continues to sell in tranches typically ranging between $5 million and $10 million.
Bhutan’s Bitcoin reserves have fallen significantly from a peak of more than 13,000 BTC in October 2024 to around 4,400 BTC currently, valued at roughly $322 million.
The country has used its Bitcoin holdings to support national development initiatives, including plans to fund its Gelephu Mindfulness City project.
The selling comes amid a broader crypto market downturn, with Bitcoin having dropped sharply from its previous highs before partially recovering.
Blockchain data also suggests Bhutan has not recorded large inflows to its wallets for over a year, raising questions about whether its mining operations have slowed.
Bhutan previously gained attention for building a Bitcoin reserve through renewable energy-powered mining and adopting pro-crypto policies.
The continued reduction in holdings highlights a shift from accumulation to strategic liquidation as the country navigates market volatility and funding needs.
At the time of reporting, Bitcoin price was $71,072.37.