The Royal Government of Bhutan has been gradually reducing its Bitcoin holdings, but recent activity shows the pace is picking up. According to Arkham Intelligence, the country has net sold around $120 million worth of $BTC in 2026 so far, cutting its holdings by roughly 1,700 Bitcoin.
The latest move came on March 27, when 123.7 BTC, worth about $8.5 million, was transferred from a primary wallet to a new address. This follows a familiar pattern, where Bhutan typically breaks sales into smaller $5–10 million batches rather than executing large single transactions.