Bhutan has sold another $18 million worth of Bitcoin, continuing its trend of liquidating crypto assets accumulated from state-led mining. The Himalayan kingdom has sold about $198 million in Bitcoin so far, reducing its holdings from 13,000 BTC in October 2024 to around 3,524 BTC now, worth over $250 million. This selling spree may be driven by economic pressures such as a slump in tourism or a shift in government policy away from maintaining a crypto reserve. With mining operations slowing and no major new mining income for over a year, Bhutan is expected to exhaust its Bitcoin reserves by September 2025, signaling a potential end to its pioneering role in green Bitcoin mining.
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