Bhutan is rapidly increasing the pace of its bitcoin sales, with a fresh transfer underscoring a notable surge in outflows.
The Royal Government of Bhutan sent 519.707 BTC—worth about $36.75 million—to an external address on Wednesday, according to Arkham Intelligence. The move is part of a broader wave of selling that has pushed total outflows for 2026 to roughly $152 million.
The previous week marked the most intense period of activity so far. Blockchain data shows about $72 million in transfers, including a 595.848 BTC transaction valued at $44.44 million—the largest single movement this year. Additional transfers included 205.53 BTC ($15.14 million), 150.047 BTC ($11.14 million), and a smaller 20.506 BTC ($1.52 million) sent to QCP Capital.
Earlier in 2026, Bhutan’s selling activity was more measured. In January, it 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) routed to QCP, followed by a 175 BTC ($11.85 million) transfer two weeks ago. Since then, both the size and frequency of transactions have increased.
Transaction sizes have grown from roughly $5 million–$15 million earlier in the year to $35 million–$45 million in March, pointing to a more aggressive liquidation strategy.
QCP Capital has emerged as a consistent counterparty, receiving three transfers totaling about $16.6 million in 2026. The repeated flows to the Singapore-based trading firm suggest Bhutan is likely using over-the-counter (OTC) channels for structured selling rather than relying on open-market transactions.
Bhutan’s bitcoin holdings peaked at around 13,000 BTC in late 2024, accumulated through state-backed hydroelectric mining with minimal production costs. As a result, 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 approximately 4,453 BTC—valued at about $315 million—representing a 66% drop from peak levels. Portfolio value has also fallen from around $1.88 billion to $315 million, impacted by both continued selling and bitcoin’s decline from $119,000 to roughly $70,000.
In December, Bhutan introduced a Bitcoin Development Pledge committing up to 10,000 BTC to fund the Gelephu Mindfulness City project, then worth about $860 million. With current holdings below 4,500 BTC, fulfilling that pledge as originally structured now appears unlikely without reversing the ongoing drawdown.
CoinDesk has reached out to Druk Holding & Investments, the government’s commercial arm, for comment on the recent transfers and the status of the Gelephu initiative.
