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In a surprising turn, the Royal Government of Bhutan has significantly reduced its Bitcoin reserves, offloading 2,584 BTC in just 40 days. This marks a notable shift for one of the world’s most discreet sovereign crypto holders, with the country’s bitcoin stockpile falling from 10,070 BTC in late March to 7,486 BTC as of mid-May—an estimated reduction of $248 million at current market prices.
Stealthy Bitcoin Liquidation
Blockchain intelligence data from Arkham indicates that the digital assets were quietly moved from government-linked wallets to multiple undisclosed addresses. Bhutan, which has historically acquired its Bitcoin through mining activities rather than open-market purchases, appears to have repurposed a portion of its holdings—possibly to support national projects.
Although no formal statement has been released regarding the recent sell-off, Prime Minister Tshering Tobgay previously acknowledged that proceeds from earlier Bitcoin sales have been channeled into public health funding and salary adjustments for civil servants. It’s plausible that the latest divestment follows a similar pattern of reinvestment into domestic infrastructure.
Source: create.vista.com
Bhutan Still Among Top Holders Globally
Despite the reduction, Bhutan remains among the top five sovereign holders of Bitcoin. Its 7,486 BTC balance places it just behind North Korea’s Lazarus Group, which reportedly controls 8,358 BTC. Bhutan continues to lead El Salvador, which has gradually accumulated 6,166 BTC through daily micro-purchases.
The United States holds the top spot with 198,012 BTC, followed by the United Kingdom (61,245 BTC). However, unlike others in the top tier, the UK does not appear to treat its crypto holdings as part of a strategic reserve policy.
Bhutan’s quiet sell-off reflects the evolving dynamics of sovereign digital asset management. As governments around the world explore how to leverage cryptocurrencies for national development, Bhutan remains a unique case—blending strategic mining operations with selective asset liquidation to serve its broader economic goals.
