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Why might Bhutan's Bitcoin holdings have decreased? Possible explanations for treasury management, not confirmed motives.
A research note issued by Arkam on September 17, 2024, indicated that Bhutan's coin holdings come from government-funded mining operations and are not confiscated. This is very important because reserves obtained from mining are easily considered treasury assets that can be sold, collateralized, or redistributed over time.
A research paper published by the International Monetary Fund on January 8, 2026, stated that Bhutan is likely to hold more than 10,000 Bitcoins worth over one billion US dollars by mid-2025, and added that authorities have neither denied nor confirmed Arkam's estimates. This official caution is why public data might show a decrease in wallet balance without proof of the motive.