Bhutan Accelerates Bitcoin Sales
Bhutan is increasing its pace of Bitcoin sales. Recently, the Royal Government of Bhutan transferred 519.707 BTC, equivalent to around $36.75 million, to external addresses. This surge in capital outflows, which has intensified over the past two weeks, has brought the total for 2026 to about $152 million.
Prior to this latest transfer, it was a particularly busy week for Bitcoin activity in Bhutan. In fact, a set of transactions totaling approximately $72 million were recorded, featuring the largest single transfer of the year: 595.848 BTC, valued at $44.44 million.
Afterward, smaller transfers followed, including 205.53 BTC ($15.14 million) and 150.047 BTC ($11.14 million), along with an additional 20.506 BTC ($1.52 million) directed to QCP Capital’s merchant deposit.
This year has shown a noticeable shift in Bhutan’s Bitcoin dealings. In January, for instance, 184 BTC ($14.09 million) was transferred out, along with 100.818 BTC ($8.31 million) and $1.5 million USDT to Binance. In February, more transfers to QCP included another 100 BTC ($6.77 million). Over the past month, leaks and large disbursements have emerged, culminating in the recent $36.75 million transaction.
As time has progressed, the amounts being transferred have notably increased—from ranges of $5 million to $15 million earlier this year to between $35 million and $45 million in March alone.
QCP Capital has become a consistent partner in these transactions, receiving about $16.6 million across three separate payments this year. This consistent connection hints at a structured, ongoing trading relationship rather than isolated liquidations.
At its peak at the end of 2024, Bhutan’s holdings reached around 13,000 BTC, amassed over several years via state-sponsored hydropower mining with minimal costs involved.
Currently, Bhutan’s Bitcoin assets stand at 4,453 BTC, valued at roughly $315 million—a significant drop from a peak portfolio value of around $1.88 billion. This change mirrors both the sell-off initiated since October 2024 and a sharp decline in Bitcoin’s market value from $119,000 to $70,000.
In December, Bhutan made headlines by pledging up to 10,000 BTC to support the development of Gelephu Mindfulness City, when its total value was approximately $860 million. Now, with fewer than 4,500 coins remaining, it seems that these original commitments are unrealistic given the ongoing sales.
CoinDesk has reached out to Druk Holding & Investments, the government’s commercial entity, to discuss the recent moves and the status of the Gelephu project.
