Bhutan Mined 13,000 Bitcoin. Nearly All of It Is Gone.
Bhutan quietly built a billion-dollar Bitcoin reserve by mining it with hydroelectric power, never spending a dime on the open market. Now blockchain data shows most of those coins have vanished from known wallets, and the government's explanation raises more…
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Bhutan, a small kingdom nestled in the Himalayas, built a sizable Bitcoin (CRYPTO: BTC) reserve without ever buying any coins. At its October 2024 peak, Bhutan’s Bitcoin reserve reached around 13,000 BTC. With Bitcoin priced at $81,135, about 36% below its all-time high of $126,080, that stack would be worth approximately $1.05 billion.
As of June 17, 2026, the wallets tracked by blockchain analytics firm Arkham held just 1,750 BTC—about 13% of the peak amount—valued at roughly $142 million. Neither Arkham nor the Bhutanese government has reported an updated balance since then, and Bhutan’s authorities dispute the reduced number. So the question remains: Did Bhutan sell its Bitcoin, or did the coins move to hard-to-track wallets?
Bhutan Built Its Bitcoin Reserve by Mining, Not Buying
Bhutan mined its Bitcoin using renewable hydroelectric power, with a state investment company overseeing the operation and holding the coins for the government. Bitcoin mining involves running specialized computers that secure the network and, in return, generate new Bitcoin. This means Bhutan’s main costs come from electricity and hardware, allowing it to acquire Bitcoin at a relatively low cost.
This unique setup gives Bhutan a different perspective on its Bitcoin holdings. Unlike a government that buys Bitcoin at market prices—and might want to clear its breakeven price before selling—Bhutan has more flexibility. Because it mined its coins, a reduction in its Bitcoin balance has different implications than if it had purchased them.
The Blockchain Shows Coins Leaving Bhutan’s Wallets, Not Sales
According to Arkham, the wallets associated with Bhutan transferred 533 BTC to a Binance deposit address before the June 17 reading. A deposit address is where an exchange receives incoming coins for specific accounts. Furthermore, Arkham noted that outflows from Bhutan’s wallets exceeded $230 million in 2026, with data recorded as of May 12.
However, blockchain analytics data has limitations. Experts can see when coins leave a wallet, but they cannot confirm whether those coins were sold. Transferring coins to an exchange indicates they arrived there, but the exchange records subsequent transactions privately.
These coins might be held in custody by a third party, used as loan collateral, or moved to wallets that remain under the same ownership.
In May 2026, Bhutan’s government stated that it does not recall selling any Bitcoin and challenged the reported decrease. That challenge is reasonable; if some wallets thought to belong to Bhutan actually belong to someone else, or if the government has coins at untracked addresses, the reported balance may not accurately reflect its total holdings. Until Bhutan provides an official figure, both possibilities could hold true.
El Salvador and Kazakhstan Appear to Be Adding Bitcoin
In contrast, other governments seem to be increasing their Bitcoin holdings. Reports suggest El Salvador held 7,649 BTC in June 2026 and has continued buying. Kazakhstan seems to be following suit, adding to its Bitcoin stash, though these figures have not been independently verified.
Unlike traditional central banks that store gold in secure vaults—where they report changes only when they choose—Bitcoin operates on a public ledger. This lets anyone see a government-labeled wallet decrease over time, enabling external parties to interpret these movements, sometimes incorrectly.
Did Bhutan Sell Its Bitcoin?
Bhutan likely sold some of its Bitcoin, but the exact amount remains unclear. We think the data most likely shows Bhutan using its mined Bitcoin as a working treasury asset, transferring coins to exchange accounts, custody arrangements, or other wallets. Some of these coins may have been converted to cash, while others might still belong to the government but are held at addresses not labeled as Bhutanese.
For Bitcoin holders, the challenge is that conclusions about a government selling coins depend on inference. A published Bhutan reserve figure above 1,750 BTC would indicate that the tracked reduction misses some of its holdings. However, if these wallets continue to send coins to exchange deposit addresses before the end of 2026 while the government remains quiet, justifying the custody explanation could become increasingly difficult.
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Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
