It appears that Bhutan’s Bitcoin holdings have decreased by about 70% over the past 18 months, based on wallets labeled Arkam—a sharp decline in reserves that are publicly tracked in the country. This is important because institutions associated with Bhutan still describe Bitcoin as a strategic asset.

What Arkam’s data shows about Bhutan’s Bitcoin holdings before and after the Bhutan Protected Area equipped with tracks
Arkam wrote on September 17, 2024, that the Royal Government of Bhutan held just a little over 13,000 Bitcoins worth $764 million, and that by March 31, 2026, the government had reduced its balance to about 4,000 Bitcoins worth $264 million. This general marker before and after indicates that Bhutan’s recorded holdings were approximately 69% lower during that period.