Bhutan Offloads 70% of Bitcoin as Mining Fades – What Happens Next?

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In eighteen months the Himalayan republic has shed more than seventy percent of its Bitcoin reserves, and the so-called sovereign mining dream wears a tired smile like a dusk-lit scarf around a child’s shoulder.

On-chain analytics from Arkham Intelligence sketch a patient, almost ceremonial liquidation by the kingdom’s state-owned investment arm, as if the mountains themselves counted coins and winked at the absurdity of it all.

Bhutan’s Bitcoin Dream Fades in the High Wind

Wu Blockchain reports that 215.7 million dollars in BTC were pushed from the realm’s wallets in 2026 alone. And Arkham’s latest whisper notes another 250 BTC slipping away about eighteen hours prior, as if time itself is running out of patience.

The transfer leaves the wallet with nearly 3,774 BTC, a pale echo of 13,000 BTC in October 2024.

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Druk Holding and Investments (DHI), Bhutan’s reserve-steadfast, began mining BTC in 2019 using surplus hydroelectric power. The enterprise, like a bright rumor that took root, turned this tiny, landlocked kingdom into one of the world’s top sovereign holders of Bitcoin – for a while.

Yet the ledger speaks softly now: mining inflows above $100,000 have not appeared in more than a year. The silence has fed the rumor that the hydropower-backed mining opera has perhaps called it a day.

“Bhutan appears to have ceased mining as of ~November 2024,” Arkham posted.

Miners and Treasury Firms Join the Bitcoin Sell-Off

Bhutan is not alone in the chorus of exit. Several publicly traded miners and Bitcoin treasury firms have accelerated liquidations in recent months, each with its own cameo of motive.

Cango sold 2,000 BTC in March to retire outstanding Bitcoin-backed loans, leaving its treasury at 1,025 BTC. MARA sold 15,133 BTC for about $1.1 billion between March 4 and March 25 to repurchase $1 billion in convertible notes.

Riot Platforms, another singer in the choir, offloaded 3,778 BTC during Q1 2026 for roughly $289.5 million. Notably, further transfers from both MARA and Riot appeared in April, suggesting more rehearsals of sales.

Smaller holders trimmed their lines too. Genius Group liquidated its entire 84.15 BTC treasury on April 1 to repay $8.5 million in debt. Nakamoto Holdings sold about 284 BTC in March for around $20 million, recording a realized loss against its average cost basis.

The selling wave stands in contrast to MicroStrategy, which bought 44,377 BTC in March alone and now holds over 766,970 BTC – a stubborn lighthouse in a fog of doubt.

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2026-04-11 19:03