Bhutan has sold part of its BTC reserve again and the pace is accelerating.
The Royal Government of Bhutan transferred 519,707 BTC worth $36.75 million to an external address on Wednesday, according to data from Arkham Intelligence. This transfer continues a decline that has sharply intensified over the past two weeks, with total outflows of around $152 million in 2026 alone.
The week leading up to Wednesday’s decision was the most active period in bitcoin’s history in the kingdom. Arkham release data shows a group of transfers totaling around $72 million in a single week, headlined by a transfer of 595,848 BTC worth $44.44 million, the largest move of the year.
This was followed by 205.53 BTC ($15.14 million) and 150.047 BTC ($11.14 million) sent to external addresses, plus 20.506 BTC ($1.52 million) to QCP Capital’s merchant deposit address.
In January, Bhutan transferred 184 BTC ($14.09 million) to an external wallet, sent 100.818 BTC ($8.31 million) to QCP Capital, and transferred $1.5 million in USDT to a Binance hot wallet. In February, an additional 100 BTC ($6.77 million) was allocated to QCP. Two weeks ago, 175 BTC ($11.85 million) was issued. Then last week’s $72 million exploded. Then Wednesday, $36.75 million.
The trend went from clips of $5-15 million in January and February to transfers of $35-45 million in March.
QCP Capital has been the most consistent counterpart, receiving three separate transfers totaling approximately $16.6 million this year. The Singapore-based trading company’s repeated appearance as a destination suggests an over-the-counter relationship for structured sales rather than ad hoc liquidations.
Bhutan’s stack peaked at around 13,000 BTC in late 2024, built over several years through state-backed hydroelectric mining where the cost base is effectively zero.
Each piece sold represents a profit for the country, whose economy depends heavily on hydroelectric exports to India.
The withdrawal began after October 2024 and was brutal. Current holdings stand at 4,453 BTC worth $315 million, a 66% reduction in coins from the peak. Arkham’s balance sheet chart shows that the portfolio value peaked at nearly $1.88 billion and now sits at $315 million, hit on both sides by bitcoin’s sell-off and decline from $119,000 to $70,000.
In December, Bhutan unveiled a Bitcoin development pledge committing up to 10,000 BTC to fund Gelephu Mindfulness City. At the time, it was worth about $860 million. The government now holds fewer than 4,500 pieces. The pledge in its original form is mathematically impossible to fulfill without voiding the levy entirely.
CoinDesk contacted Druk Holding & Investments, the government’s commercial arm, for comment on the recent transfers and whether Gelephu’s pledge remains active.
