Bhutan has reportedly sold nearly 70% of its Bitcoin over the past 18 months.
Holdings have dropped from around 13,000 BTC to just 3,954, with over $215M moved out in 2026 alone.
At the same time, mining inflows have nearly disappeared, with no inflows above $100K in over a year.
This suggests Bhutan’s hydropower-backed Bitcoin mining operations may have slowed down or stopped entirely.
A major shift from one of the most unique nation-state Bitcoin strategies.