Thunder Dragons Go Cold: Bhutan Dumps 70% of Bitcoin Stash as Mining Lights Dim

Bhutan has sold over 70% of its Bitcoin reserves over the past 18 months, raising questions about the future of its once-celebrated sovereign mining experiment. On-chain analytics from Arkham Intelligence paint a picture of steady, deliberate liquidation by the Himalayan kingdom's state-owned investment arm. Turns out even the Land of the Thunder Dragon needs to pay the electric bill eventually.

Wu Blockchain reported that $215.7 million in BTC was transferred out of the kingdom's wallets in 2026 alone. The latest data from Arkham revealed that Bhutan moved out another 250 BTC around 18 hours ago. The transfer leaves the wallet with nearly 3,774 BTC, a massive drop from 13,000 BTC in October 2024. To put that in perspective: they went from Hodling like a sovereign nation to panic-selling at prices that would make your grandma's pension fund weep.

Druk Holding and Investments (DHI), the state-owned fund that manages Bhutan's reserves, began mining BTC in 2019 using surplus hydroelectric power. The operation turned a tiny, landlocked Himalayan kingdom into one of the world's top sovereign holders of Bitcoin. For a brief, beautiful moment, Bhutan was the crypto equivalent of that one friend who got in early on Bitcoin and wouldn't shut up about it at parties.

However, data shows that Bhutan has not received mining inflows exceeding $100,000 in more than a year. That absence has fueled speculation that the kingdom may have halted its hydropower-backed mining operations entirely. Arkham noted that Bhutan appears to have ceased mining as of approximately November 2024. The mining rigs have gone quiet, the hydroelectric turbines are spinning for someone else, and the Thunder Dragons have apparently decided that HODLing is so 2023.

Bhutan is not the only entity reducing its BTC exposure. Several publicly traded miners and Bitcoin treasury firms have accelerated liquidations in recent months. Because nothing says "crypto winter is coming" quite like watching sovereign nations and publicly traded companies simultaneously panic-sell into what they probably hope isn't the top.

Cango sold 2,000 BTC in March to retire outstanding Bitcoin-backed loans, leaving its treasury at 1,025 BTC. MARA sold 15,133 BTC for approximately $1.1 billion between March 4 and March 25 to repurchase $1 billion in convertible notes. Another miner, Riot Platforms, offloaded 3,778 BTC during Q1 2026 for roughly $289.5 million. Additional transfers from both MARA and Riot have been recorded in April, suggesting further sales. That's a lot of BTC hitting the market faster than a degen chasing a 100x leverage position.

Smaller holders have also trimmed positions. Genius Group liquidated its entire 84.15 BTC treasury on April 1 to repay $8.5 million in debt. Nakamoto Holdings sold approximately 284 BTC in March for about $20 million, resulting in a realized loss relative to its average cost basis. Sometimes you just gotta take the L and move on, even if your name is literally Nakamoto.

The wave of selling stands in contrast to MicroStrategy, which purchased 44,377 BTC in March alone and now holds over 766,970 BTC. Meanwhile, Michael Saylor is out here buying the dip like he's got a personal vendetta against Bitcoin's price floor. Some people see a market correction; Saylor sees a clearance sale.