Bhutan Sells $900M in Bitcoin Over 11 Months at Average Price of $98K, On-Chain Data Shows

The Royal Government of Bhutan has gradually sold approximately 9,180 Bitcoin ($BTC) over the past 11 months, generating around $900 million in proceeds, according to on-chain data tracked by blockchain analytics firm EmberCN. The average selling price across these transactions was calculated to be roughly $98,067 per Bitcoin.

Timeline of Bhutan’s Bitcoin Sales

Data from EmberCN reveals that Bhutan’s Bitcoin holdings peaked at roughly 12,200 $BTC in early 2025, coinciding with the cessation of the country’s state-backed mining operations. The government reportedly began its divestment process in earnest in June of the same year, executing a series of transactions over the subsequent months.

Current Holdings and Market Context

As of the latest on-chain data, the Bhutanese government holds approximately 3,021 $BTC, valued at around $234 million at current market prices. This sale represents a significant reduction from the country’s peak holdings and provides a rare window into how a sovereign nation manages a large, publicly known cryptocurrency reserve. The average sale price of $98,067 is notable, as it is below Bitcoin’s all-time high, but still represents a substantial profit relative to the likely acquisition costs from mining operations.

Implications for the Crypto Market

Bhutan’s systematic sale of a large Bitcoin position over an extended period offers several key takeaways for market observers. First, the gradual nature of the sales likely minimized market impact, preventing a sharp price decline that a single large dump could cause. Second, the move provides a case study for other nations or institutions holding significant crypto assets, demonstrating a methodical approach to liquidation. Finally, the fact that the sales were tracked via on-chain data highlights the transparency of the Bitcoin blockchain, allowing for public verification of government transactions.

Conclusion

Bhutan’s $900 million Bitcoin sale, executed at an average price of $98,067 over 11 months, marks a significant chapter in the country’s foray into digital assets. While the government has substantially reduced its holdings, it still retains over 3,000 $BTC. The methodical, publicly traceable nature of these transactions provides valuable data for analysts and underscores the unique transparency of on-chain markets.

FAQs

Q1: How much Bitcoin did Bhutan sell?
A1: According to on-chain data from EmberCN, Bhutan sold approximately 9,180 $BTC over 11 months.

Q2: What was the average price Bhutan received for its Bitcoin?
A2: The average selling price across all transactions was calculated to be around $98,067 per Bitcoin.

Q3: How much Bitcoin does Bhutan still hold?
A3: As of the latest data, the Bhutanese government holds about 3,021 $BTC, valued at approximately $234 million.