Bhutan Sells $6.7M in Bitcoin, Still Holds $372M

The Royal Government of Bhutan has sold another $6.7 million worth of Bitcoin this week, continuing a steady pattern of sales over the past three weeks. Data tracked by Arkham shows these transactions are part of an ongoing treasury plan, not a sudden sell-off.

Even after the recent sales, wallets linked to the government still hold around $372 million in Bitcoin. Bhutan had already sold at least $100 million worth of BTC in September and appears to be continuing its gradual selling strategy.

From Mining Expansion to Post-Halving Reality

Most of Bhutan’s Bitcoin comes from state-backed mining operations managed by Druk Holding and Investments. The country previously partnered with Bitdeer Technologies to expand mining capacity to as much as 600 megawatts.

However, mining rewards were reduced after the April 2024 Bitcoin halving, which cut the amount of Bitcoin miners receive for validating transactions. This change made mining less profitable across the industry. As a result, Bhutan appears to have moved from simply holding its mined Bitcoin to selling portions of it when needed to generate cash.

Analysts estimate Bhutan’s average purchase cost is close to $8,000 per Bitcoin, meaning the country is still sitting on large profits despite recent price swings.

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Structured Selling, Not Panic

Market analyst Vugar Usi said Bhutan’s recent sales look planned and controlled. The government has been selling in smaller amounts over time rather than making one large transaction.

Reports suggest that some transactions involve large trading firms such as QCP. The steady weekly pattern indicates Bhutan is managing risk by spreading out its sales instead of trying to sell at a perfect price.

Reuters has previously reported that Bhutan has used crypto profits to support public spending, including salary payments. This supports the idea that the sales are meant to fund operations, not signal a loss of confidence.

A Sign of Market Growth

Bhutan’s approach shows how governments may be starting to treat Bitcoin more like a financial reserve than a speculative asset. The country uses its hydropower resources to mine Bitcoin, then sells some of it when funds are required.

The key question for the broader market is not whether Bhutan is bearish, but whether Bitcoin is increasingly being handled like a balance-sheet asset. If a small country can manage its Bitcoin holdings in a transparent way, it suggests that other governments or institutions could be following similar strategies.

In that sense, Bhutan’s steady sales may reflect the crypto market’s growing maturity rather than a shift in long-term belief in Bitcoin.