On April 10, the government of Bhutan sold 250 BTC for $18 million. Since the beginning of the year, authorities have withdrawn assets worth approximately $180 million from the national bitcoin reserve.
THE DRAGON KING IS SELLING BITCOIN
The Fifth Dragon King of Bhutan, Druk Gyalpo Jigme Khesar Namgyel Wangchuck, just sold $18M of BTC.
Bhutan has sold approximately $180M Bitcoin since the start of the year. pic.twitter.com/IedWLUK8D0
— Arkham (@arkham) April 10, 2026
According to Arkham Intelligence, at its peak in October 2024, the kingdom held approximately 13,000 BTC. Over the past 18 months, the sovereign fund manager Druk Holding and Investments has gradually liquidated about 71% of the assets. At the time of writing, the government-controlled wallet holds ~3774 BTC valued at $274.8 million.
Bhutan’s bitcoin reserve was built through state-supported bitcoin mining using surplus hydroelectric power.
However, the last funds received into the national crypto fund from the Foundry USA pool operator’s address were recorded on November 13, 2024. The transfer amounted to ~$0.9 BTC (~$75,730 at the time of the transaction).
Due to the prolonged pause in replenishing the national reserve, journalist Colin Wu speculated that the state had ceased cryptocurrency mining operations.
In 2025, the economics of bitcoin mining deteriorated sharply. Network difficulty, debt burden, and stagnant cryptocurrency prices led to the capitulation of approximately 20% of miners, according to CoinShares.
CoinDesk suggested that the profitability of Bhutan’s small-scale bitcoin farm suffered significantly under these conditions, and direct electricity sales to neighboring India proved to be considerably more lucrative.
In the first quarter of 2026, the hash rate of the leading cryptocurrency network declined by approximately 6%.