The small country of Bhutan has been quietly selling its bitcoin, and the pile is getting thinner every month.
The Royal Government of Bhutan transferred 175 BTC worth $11.85 million on Monday evening, according to data from Arkham Intelligence, moving assets to the same bc1q wallet address that received 184 BTC worth $14.09 million in February. This suggests a consistent over-the-counter or cash management counterparty.
This activity is carried out by Bhutan’s state-owned investment company, Druk Holding and Investments (DHI), which runs the country’s BTC mining operations.
February’s activity was broader than a single transfer. Arkham’s output data shows four separate movements that month: the transfer of 184 BTC, two shipments to QCP Capital’s merchant deposit address totaling approximately 200 BTC with a combined value of $15 million, and a transfer of $1.5 million USDT to a Binance hot wallet.
That’s about $30.7 million in February alone, followed by Monday’s $11.85 million, bringing cash outflows for 2026 to about $42.5 million.
QCP Capital transfers are distinguished by the fact that sending bitcoins to a trading company’s deposit address twice in one month is more active than simple cash withdrawals. He suggests over-the-counter selling or structured liquidity management rather than simply moving coins between cold wallets.
The balance history graph, however, tells a larger story.
Bhutan’s stack peaked at around 13,000 BTC in late 2024, built over several years through state-backed hydroelectric mining. The withdrawal began in earnest after October 2024 and was brutal.
From 13,000 to around 5,400, that’s a 58% reduction in part count. The value of the dollar has been hit twice, by the sell-off and by bitcoin’s decline, falling from around $119,000 at the peak to $69,000 today.
What was likely a position worth more than $1.5 billion at its peak is now worth $374 million.
In December, Bhutan unveiled a national Bitcoin development pledge committing up to 10,000 BTC to fund Gelephu Mindfulness City, a special economic zone designed to use digital assets for its financial reserves.
Bhutan mined its coins using surplus hydroelectric power, meaning the cost base is effectively zero. Unlike strategies or corporate treasuries that bought at market prices, there is no break-even calculation that puts pressure on these sales. Every transfer is a profit.
The Arkham Balance Chart shows the full arc. A slow build from near zero in early 2021, a steady accumulation through the bear market, a build up to around 13,000 BTC by the end of 2024, then a sharp decline that didn’t stop.
The transfers were made to the same counterparties of similar size, without any obvious correlation to specific price movements, making it more like a Treasury making a planned withdrawal than a shaken holder.
Druk Holdings did not immediately respond to CoinDesk’s request for comment on Asian Morning.
