Bhutan “doesn’t recall” selling any bitcoin, disputing widely-tracked $1 billion BTC drawdown
Background and Context
Bhutan has been the subject of growing scrutiny over its Bitcoin holdings and sales, with reports indicating a significant drawdown in its reserves. However, Bhutan has now publicly disputed claims that it sold a $1 billion worth of Bitcoin, asserting that it does not recall any such sales.
Market and Financial Activity
- Multiple reports indicate that Bhutan has been gradually offloading its Bitcoin reserves, with sales amounting to approximately $92 million to $120 million in recent months.
- As of early 2026, Bhutan’s state-owned investment arm has reportedly sold around $42.5 million in Bitcoin and USDT, with further sales of about $36.75 million transferred to Binance in March 2026.
- One report suggests that Bhutan has sold 70% of its Bitcoin reserves since October 2024, with a total value of around $230 million in sales since the beginning of 2026.
Reserve Holdings and Valuation
Bhutan currently holds approximately 4,453 Bitcoin, valued at $330 million, a significant decline from its peak of over 13,000 Bitcoin in October 2024, when the holdings were estimated at $780 million.
Official Position and Dispute
Bhutan has explicitly denied any record of selling $1 billion worth of Bitcoin, contradicting widely-tracked market data. The government claims it does not recall such transactions, suggesting a potential discrepancy between official records and market tracking.
Related Developments
Experts have noted that Bhutan’s Bitcoin sales may be linked to a broader strategy of using hydropower for industrial-scale mining and building a state-backed green digital asset ecosystem. However, recent reports suggest that mining activity may have ceased, contributing to the sell-off.