Bhutan is accelerating the pace of its bitcoin disposals, with a fresh transfer highlighting a sharp uptick in activity over recent weeks.
On Wednesday, the Royal Government of Bhutan moved 519.707 BTC—valued at approximately $36.75 million—to an external address, according to Arkham Intelligence. The transaction adds to a growing سلسلة of outflows that have pushed total bitcoin sales in 2026 to around $152 million.
The prior week stood out as the most active period yet, with blockchain data showing roughly $72 million in transfers. This included a single movement of 595.848 BTC worth $44.44 million—the largest transaction recorded this year—alongside additional transfers of 205.53 BTC ($15.14 million) and 150.047 BTC ($11.14 million). A smaller 20.506 BTC ($1.52 million) was also sent to QCP Capital.
Earlier in the year, Bhutan’s selling activity was more gradual. In January, the government 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. The tempo has since shifted toward larger and more frequent transactions.
The change is reflected in deal sizes, which have grown from roughly $5 million–$15 million earlier in the year to $35 million–$45 million in March.
QCP Capital has emerged as a consistent destination, receiving three transfers totaling about $16.6 million so far this year. The repeated interaction with the Singapore-based firm points to a likely over-the-counter (OTC) strategy, rather than open-market selling.
Bhutan’s bitcoin reserves peaked at around 13,000 BTC in late 2024, accumulated through state-backed hydroelectric mining operations with minimal production costs. As a result, each sale effectively represents profit for the country, whose economy is heavily tied to hydropower exports to India.
Since October 2024, however, holdings have dropped sharply. Bhutan now holds approximately 4,453 BTC—worth about $315 million—marking a 66% decline from peak levels. The total portfolio value has also fallen from around $1.88 billion to $315 million, impacted by both sustained selling and bitcoin’s price slide 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 valued at about $860 million. With current holdings now below 4,500 BTC, meeting that commitment under its original framework appears unlikely without a reversal in strategy.
CoinDesk has contacted Druk Holding & Investments, the government’s investment arm, for clarification on the recent transfers and the status of the Gelephu initiative.
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