Bhutan has moved another 100 BTC—worth roughly $8.1 million—from government-linked wallets, increasing speculation that the kingdom is actively liquidating its Bitcoin holdings. On-chain data from Arkham Intelligence shows that the Royal Government of Bhutan (through its investment arm, Druk Holdings) has been steadily reducing its position, having already sold over $230 million worth of Bitcoin in 2025.
Key movements and figures: The latest transfers included 90.8 BTC ($7.38M), 5 BTC ($411K), and 4.5 BTC ($370K), all moved to external addresses within hours on May 12, 2026. At the current selling pace of approximately $50 million per month, Arkham estimates the remaining ~3,100 BTC (worth $252 million at current prices around $80,748) could be fully liquidated before the end of September.
Unlike El Salvador’s public accumulation, Bhutan built its Bitcoin reserves through state-backed mining operations powered by low-cost hydropower. This allowed the country to accumulate BTC at low cost over several years, and now it appears to be transitioning into an active monetization phase. If Bhutan exits its entire position at prevailing prices, Arkham projects a total on-chain profit of roughly $767 million.
The steady selling has stirred concern among market participants, as sovereign liquidations can add supply pressure, particularly when market liquidity is thin. Bhutan’s approach is increasingly being viewed as a tactical treasury management strategy rather than a sign of waning confidence in Bitcoin, but the sustained outflows continue to draw attention.
