"Bhutan began accumulating Bitcoin through state-backed mining operations around 2021, using surplus hydroelectric energy generated by its Himalayan river systems."
"By late 2024, the fund had grown the reserve to roughly 13,000 BTC - a position then worth more than $1.5 billion and representing a significant share of the country's GDP."
"Blockchain balance data tracked through Arkham's blockchain intelligence platform shows Bhutan's holdings have declined to approximately 5,400 BTC as of March 2026, a reduction of roughly 58% in coin terms."
"The manner of Bhutan's exits is as informative as the volume, with on-chain data showing the transfers have gone consistently to a small set of addresses."
Bhutan's state-owned investment arm began accumulating Bitcoin in 2021 using surplus hydropower. By late 2024, it held around 13,000 BTC, valued over $1.5 billion. As of March 2026, holdings declined to approximately 5,400 BTC, worth about $374 million, due to both selling and Bitcoin's price drop. The strategy was efficient, leveraging wasted energy, but the reduction in holdings indicates a complex treasury management process visible on the blockchain.
Read at London Business News | Londonlovesbusiness.com
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