Bhutan has intensified its bitcoin selling, with a new transfer underscoring a clear acceleration in outflows over recent weeks.
The Royal Government of Bhutan moved 519.707 BTC—worth roughly $36.75 million—on Wednesday to an external address, according to Arkham Intelligence. The transaction is the latest in a series of disposals that have pushed total outflows in 2026 to about $152 million.
The previous week marked a peak in activity, with blockchain data showing around $72 million in transfers. This included a 595.848 BTC movement valued at $44.44 million—the largest single transfer this year—along with additional transactions of 205.53 BTC ($15.14 million) and 150.047 BTC ($11.14 million). A smaller transfer of 20.506 BTC ($1.52 million) was also sent to QCP Capital.
Earlier in the year, Bhutan’s sales were more measured. In January, the government transferred 184 BTC ($14.09 million) to an external wallet, sent 100.818 BTC ($8.31 million) to QCP Capital, and moved $1.5 million in USDT to a Binance hot wallet. February saw another 100 BTC ($6.77 million) directed to QCP, followed by a 175 BTC ($11.85 million) transfer two weeks ago. Since then, the pace and size of transactions have increased notably.
Transfer sizes have grown from roughly $5 million–$15 million earlier in the year to $35 million–$45 million in March, signaling a shift in strategy.
QCP Capital has been a recurring counterparty, receiving three transfers totaling around $16.6 million so far this year. The consistent flow to the Singapore-based firm suggests Bhutan may be relying on over-the-counter (OTC) channels for structured sales rather than executing trades on open markets.
Bhutan’s bitcoin holdings once peaked at approximately 13,000 BTC in late 2024, accumulated through state-backed hydroelectric mining with minimal production costs. This means each sale effectively represents profit for the country, whose economy is heavily dependent on hydropower exports to India.
Since October 2024, however, holdings have declined sharply. Bhutan now holds about 4,453 BTC—valued near $315 million—representing a roughly 66% drop from peak levels. Portfolio value has also fallen from around $1.88 billion to $315 million, reflecting both continued selling and a decline in bitcoin’s price from $119,000 to about $70,000.
In December, Bhutan announced a Bitcoin Development Pledge allocating up to 10,000 BTC to fund the Gelephu Mindfulness City project, then valued at roughly $860 million. With current holdings below 4,500 BTC, fulfilling that pledge as originally outlined appears unlikely without a reversal in recent selling trends.
CoinDesk has reached out to Druk Holding & Investments, the government’s commercial arm, for comment on the latest transfers and the status of the Gelephu initiative.
