Bhutan has sold part of its BTC stock again and the pace is accelerating.
The Royal Government of Bhutan moved 519,707 BTC worth $36.75 million to an external address on Wednesday, according to Arkham Intelligence data. The transfer continues a decline that has intensified sharply over the past two weeks, with approximately $152 million in total outflows in 2026 alone.
The week before Wednesday’s move was the most active period in the kingdom’s bitcoin history. Arkham’s outflow data shows a cluster of transfers totaling around $72 million in a single week, with a transfer of 595,848 BTC worth $44.44 million, the single largest movement of the year.
It 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 deposit address.
In January, Bhutan moved 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, another 100 BTC ($6.77 million) went to QCP. Two weeks ago, 175 BTC ($11.85 million) went out. Then last week’s $72 million burst. So Wednesday’s $36.75 million.
The pattern shifted from $5-15 million cuts in January and February to $35-45 million transfers in March.
QCP Capital has been the most consistent counterparty, receiving three separate transfers totaling about $16.6 million this year. The Singapore-based trading firm’s repeated appearance as a destination suggests an OTC relationship for structured sales rather than ad hoc liquidations.
Bhutan’s stack peaked at around 13,000 BTC at the end of 2024, built over several years through state-backed hydro mining where the cost base is effectively zero.
Every coin sold is profit for the country, whose economy is heavily dependent on hydropower exports to India.
The decline began after October 2024 and has been steep. Current holdings stand at 4,453 BTC worth $315 million, a 66% reduction in coins from the peak. The Arkham balance chart shows that the portfolio value peaked near $1.88 billion and is now at $315 million, hit on both sides by the selloff and bitcoin’s drop from $119,000 to $70,000.
In December, Bhutan unveiled a Bitcoin Development Pledge, committing up to 10,000 BTC to fund the Gelephu Mindfulness City. At the time, it was worth about $860 million. The government now has fewer than 4,500 coins. The pledge in its original form is mathematically impossible to fulfill without reversing the withdrawal entirely.
CoinDesk has reached out to Druk Holding & Investments, the government’s commercial arm, for comment on the latest transfers and whether the Gelephu commitment remains active.
