The Royal Government of Bhutan sold 434.87 BTC for approximately $27.93 million, ending a one-month pause in outflows. The kingdom’s Bitcoin reserves have dropped from roughly 13,000 BTC, worth over $1 billion in October 2024, to just 3,000 to 4,000 BTC today. Cumulative outflows since the start of 2026 are estimated at $200 to $240 million, a significant sum for a country with a GDP of approximately $3 billion. These sales, conducted via OTC channels to avoid impacting the spot price, are primarily funding the Gelephu Mindfulness City project, an ambitious economic zone designed to diversify the country’s economy beyond hydropower and tourism. Mining operations that had accumulated these reserves using cheap hydroelectric power have reportedly slowed or halted entirely, leaving Bhutan managing a depleting asset without a production pipeline to offset drawdowns.
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