The Royal Government of Bhutan has gradually sold approximately 9,180 Bitcoin (BTC) over the past 11 months, generating around $900 million in proceeds, according to on-chain data tracked by blockchain analytics firm EmberCN. The average selling price across these transactions was roughly $98,067 per Bitcoin.
Bhutan’s Bitcoin holdings peaked at about 12,200–13,390 BTC in early 2025 and October 2024, respectively, coinciding with the end of its state-backed hydropower mining operations. Sales began in June 2025 and have continued steadily, with a recent transfer of 90 BTC (~$7 million) to a Segwit address in late May 2026, bringing total divestments since the start of 2026 to over $237 million.
As of the latest data, Druk Holding and Investments—Bhutan’s sovereign wealth arm—holds only about 3,021 BTC (worth $234 million). The systematic, publicly traceable sales have minimized market disruption and provide a case study in sovereign crypto reserve management, while also underscoring the transparency of the Bitcoin blockchain.
