In the global cryptocurrency ownership map, the footprints of sovereign nations are always a major focus. Unlike countries like the United States and El Salvador, which accumulate assets through law enforcement seizures, Bhutan quietly became one of the significant Bitcoin holders thanks to a state-supported mining project that leverages abundant hydropower resources. However, recent on-chain data reveals a significant change: since early 2026, the Bhutanese government has sold approximately $120 million worth of Bitcoin, reducing its total reserves by more than 60% from its peak. This move has quickly sparked heated discussions in the market, with the core question directly pointing to: is this a prelude to a complete liquidation? This article will provide a structured analysis and trend projection of the event based on objective data and industry logic.

In the landscape of global cryptocurrency asset holders, the role of sovereign nations has always attracted significant attention. Unlike countries like the United States and El Salvador, which accumulate assets through law enforcement seizures, Bhutan has quietly become one of the major Bitcoin holders by leveraging its abundant hydropower resources and supporting state-backed mining projects. However, recent on-chain data reveals a notable change: since early 2026, the Bhutanese government has sold approximately $120 million worth of Bitcoin, reducing its total reserves by over 60% from its peak. This move has quickly sparked market discussion, with the core question being: is this a prelude to a full liquidation? This article will analyze this event with objective data and industry logic, providing a structured breakdown and trend projection.

Bhutan Sovereign Fund's Accelerated Exit

According to data from blockchain analysis platforms, Bhutan's sovereign wealth fund—Druck Holdings and Investment Company—significantly accelerated its activities in the first quarter of 2026.