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Bhutan Is Selling Bitcoin: Inside the Sovereign Liquidation of 13,000 Mined BTC
Bhutan's sovereign investment arm has sold 70–75% of its peak 13,000 BTC reserves in an 18 month drawdown, leaving under 1,750 BTC as of early July 2026. The latest transfer of 533 BTC ($34.5M) to Binance on June 17, 2026 occurred with Bitcoin trading near $58K–$61K, far below the $120K+ highs of mid 2025, and amid...
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The Kingdom of Bhutan has quietly executed one of the most significant sovereign Bitcoin treasury drawdowns in history, selling roughly 70–75% of its peak holdings over an 18-month period. Unlike most governments that acquire Bitcoin through seizures, Bhutan mined every coin using its abundant hydroelectric power. Here are the key details of the liquidation, the scale of the original holdings, and the market conditions behind the sales.
Latest Transfer: 533 BTC to Binance (June 2026)
On or around June 17, 2026, the Royal Government of Bhutan transferred 533 BTC valued at approximately $34.5 million to the crypto exchange Binance. The transfers were executed in multiple automated batches from wallets managed by Druk Holding & Investments (DHI), Bhutan's state investment arm . Following this transfer, Bhutan's publicly tagged sovereign wallets held approximately 1,749.96 BTC (worth about $113.7 million at the time)
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The Broader Liquidation Pattern
Bhutan began methodically selling its Bitcoin in October 2024, using a recurring pattern of transfers to centralized exchanges (primarily Binance) and OTC counterparties such as Singapore-based . Key tranches include:
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What is the short answer to "Bhutan Is Selling Bitcoin: Inside the Sovereign Liquidation of 13,000 Mined BTC"?
Bhutan's sovereign investment arm has sold 70–75% of its peak 13,000 BTC reserves in an 18 month drawdown, leaving under 1,750 BTC as of early July 2026.
What are the key points to validate first?
Bhutan's sovereign investment arm has sold 70–75% of its peak 13,000 BTC reserves in an 18 month drawdown, leaving under 1,750 BTC as of early July 2026. The latest transfer of 533 BTC ($34.5M) to Binance on June 17, 2026 occurred with Bitcoin trading near $58K–$61K, far below the $120K+ highs of mid 2025, and amid 'Extreme Fear' sentiment.
Sources
- tradingview.comBhutan sends $34.5 million in bitcoin to Binance, holdings fall below 1,750 BTC: Arkham
- mitrade.comBhutan Just Moved $23M in Bitcoin, Is the Country Cashing ...
- news.bitcoin.comBhutan Trims Bitcoin Treasury to 4,452 BTC After Latest $36M Transfer
- linkedin.comBhutan Sells 137 BTC, Still Holds $1.1B Stash
- mitrade.comBhutan Govt Sells $66 Million In Bitcoin On Binance: Arkham