How much Bitcoin does Bhutan have?

The honest answer is that no one outside the government knows precisely — and anyone quoting an exact figure is quoting an estimate.

Bhutan does not publish its holdings. Every number in circulation comes from blockchain-intelligence firms that attribute wallets to Bhutan and track their balances. That is informed inference, not official disclosure — and the estimates disagree.

The reported range. Analysts put the peak near 12,000 BTC in late 2024 — worth over USD 1 billion at 2025 prices, close to 40% of GDP for an economy that size. Through 2025–26 the attributed total fell to the mid-thousands, with figures ranging from about 3,000 to 5,700 BTC depending on the source and the date. The spread itself shows how much is guesswork.

How the stack was built. Bhutan did not buy its Bitcoin on the open market; it mined it — converting surplus wet-season hydropower, otherwise sold to India at a discount, into a globally priced asset, through Druk Holding & Investments and its publicly announced BitDeer mining joint venture.

Why the figure keeps moving. Part of the drawdown reflects coins earmarked for the up-to-10,000-BTC pledge to Gelephu Mindfulness City announced in December 2025, and Druk Holding & Investments has publicly disputed that the reductions are outright sales. Wallet movements, custody changes and earmarks all look the same on a block explorer — which is why “how much does Bhutan hold” has no single confident answer.

For the sell-off debate, see did Bhutan sell its Bitcoin?; for the city pledge, Bhutan’s Bitcoin pledge to Gelephu; for the mining model, does Bhutan mine Bitcoin?. Full context: The Accidental Currency Bet. And to estimate the holdings from first principles, see How Much Bitcoin Has Bhutan Mined? — the calculation from public power data alone.