The Royal Government of Bhutan has significantly accelerated the liquidation of its sovereign Bitcoin reserves, with new data revealing that total outflows for 2026 have now surpassed the $150 million mark. On Wednesday, March 25, 2026, the kingdom transferred 519.7 BTC—valued at approximately $36.75 million—to external addresses, marking the latest in a series of increasingly large transactions.
According to data from Arkham Intelligence, the kingdom’s strategy has shifted noticeably in recent weeks. While January and February saw smaller “clips” of $5 million to $15 million, March has been characterized by massive transfers ranging between $35 million and $45 million. Last week alone witnessed a record-breaking $72 million burst, the most active period in the kingdom’s cryptocurrency history. Bhutan’s Bitcoin holdings, which peaked at roughly 13,000 BTC in late 2024, have now fallen to just 4,453 BTC. This represents a staggering 66% reduction in total coin volume. The portfolio’s valuation has been squeezed from both sides: aggressive selling and the broader market decline of Bitcoin from its highs of $119,000 down to the $70,000 range. Current holdings are now valued at approximately $315 million. The rapid drawdown has raised urgent questions regarding the “Bitcoin Development Pledge” unveiled in December. The government had committed up to 10,000 BTC to fund the ambitious Gelephu Mindfulness City project. With fewer than 4,500 coins remaining in the state coffers, analysts suggest that fulfilling the original pledge is now mathematically impossible without a total reversal of the current selling trend. The repeated appearance of Singapore-based QCP Capital as a destination for these funds suggests a structured over-the-counter (OTC) selling arrangement rather than ad hoc market dumping. This indicates a deliberate, managed exit strategy by Druk Holding & Investments, the government’s commercial arm.
Unlike many nations, Bhutan’s Bitcoin was not purchased on the open market but built over several years through state-backed hydroelectric mining. With a cost basis that is effectively zero, every coin sold represents pure profit for a nation whose economy has traditionally relied on hydroelectric exports to India.
As the kingdom continues to offload its digital gold, the global financial community is watching closely to see how these funds will be reallocated into Bhutan’s physical infrastructure and long-term economic stability.