Bhutan's DHI Liquidates $42.5 Million in Bitcoin Holdings in 2026
Druk Holding and Investments (DHI) of Bhutan has liquidated approximately $42.5 million in Bitcoin so far in 2026. Recent transactions include a transfer of 175 BTC worth $11.85 million to a recurring wallet address. Bhutan's Bitcoin reserves peaked at around 13,000 BTC in late 2024 but have since declined to about 5,400 BTC, reflecting a 58% reduction. The country's cost basis for Bitcoin is minimal due to mining with surplus hydropower. In December 2025, Bhutan pledged up to 10,000 BTC for the Gelephu Mindfulness City project.
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In 2026, Bhutan's state-owned Druk Holding and Investments (DHI) has liquidated approximately $42.5 million in Bitcoin, including a recent transfer of 175 BTC valued at $11.85 million. This transfer is part of a methodical drawdown strategy, following a pattern established in previous transactions, including 184 BTC sent to the same wallet in February.
Bhutan's Bitcoin holdings peaked at around 13,000 BTC in late 2024 but have since decreased to roughly 5,400 BTC, representing a 58% decline. The value of these holdings has dropped from over $1.5 billion to around $374 million due to falling Bitcoin prices.
Bhutan's low cost basis results from mining Bitcoin using surplus hydropower, allowing for profitable sales. The government has also committed up to 10,000 BTC to fund the Gelephu Mindfulness City project, indicating a structured approach to managing its crypto assets.
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