Is Bhutan's government selling all its Bitcoin? Will its national treasury run out of holdings by October?

▲ Bhutan, Bitcoin / ChatGPT generated image ©

The Bhutanese government, once one of the world's largest holders of virtual assets, is aggressively divesting its holdings of the leading cryptocurrency, Bitcoin (BTC), drawing significant market attention. If the recent selling trend continues, there are predictions that Bhutan's virtual asset treasury could be completely depleted by October this year. Amidst macroeconomic instability, interest is focused on whether this is a national portfolio restructuring or simply profit-taking.

According to cryptocurrency media outlet Watcher.Guru on April 30 (local time), an analysis of data from blockchain analytics platform Arkham revealed that the Royal Government of Bhutan recently moved an additional 102.446 Bitcoins worth 7.89 million dollars. Bhutan has already sold 206.98 million dollars worth of Bitcoin since early 2026, and its current holdings are approximately 265 million dollars. As the outlet pointed out, if this selling spree continues, its entire holdings could be exhausted by around October.

In addition to selling off its holdings, Bhutan appears to have slowed down or completely halted its Bitcoin mining operations. Indeed, no large-scale capital inflows have been observed for nearly a year. The media diagnosed that Bhutan might be reducing its portfolio risk amidst immense bear market pressure, or simply selling to realize profits. Furthermore, the significant increase in network mining difficulty after Bitcoin's price dropped below $70,000, or the possibility of national economic pressure being the cause of the mining halt, are also raised.

Currently, Bitcoin is facing another price adjustment. According to statistics from virtual asset data platform CoinGecko, Bitcoin's price has fallen by 2.1% over the past 24 hours and 2.9% over the past week. However, it has maintained a 1% increase over 14 days and a 12.1% increase over the past month.

Bitcoin, which had surged to the $79,000 mark earlier this week, has now fallen back to the $76,000 level. The primary reason for this sharp price decline is attributed to the results of the U.S. Federal Reserve's (Fed) Federal Open Market Committee (FOMC) meeting. Analysts suggest that the Fed's decision to freeze the benchmark interest rate is causing increased interest burden, driving investors away from risky assets.

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