Bhutan Dumps $152M in Bitcoin (BTC) This Year — Nation’s Crypto Treasury Shrinks 66%

Key Takeaways

• On Wednesday, Bhutan moved 519.7 BTC valued at approximately $36.75 million
• The Himalayan kingdom’s 2026 Bitcoin liquidations have surpassed $152 million
• The nation’s crypto reserves have plummeted 66%, falling from roughly 13,000 BTC to 4,453 BTC
• Singapore-based QCP Capital receives the majority of transfers through over-the-counter deals
• The government’s commitment to allocate 10,000 BTC toward Gelephu Mindfulness City cannot be met with current holdings

The Royal Government of Bhutan has been systematically liquidating its Bitcoin treasury throughout 2026, with the selling pressure intensifying in recent weeks. On Wednesday, blockchain analytics platform Arkham Intelligence detected another transfer of 519.7 BTC valued at $36.75 million.

The cumulative Bitcoin sales from Bhutan’s treasury in 2026 have now exceeded $152 million.

Bhutan accumulated its cryptocurrency portfolio through government-operated hydroelectric mining facilities. Utilizing excess energy from hydropower plants meant mining costs were essentially negligible. Each Bitcoin sold represents nearly pure revenue for the state.

The nation’s Bitcoin treasury reached its zenith at approximately 13,000 BTC during late 2024. Since that high-water mark, systematic outflows have reduced current holdings to just 4,453 BTC—representing a dramatic 66% decline.

Source: Arkham

The liquidation strategy began conservatively. Throughout January and February, individual transfers ranged between $5 million and $15 million. March witnessed a substantial escalation, with transaction sizes jumping to the $35 million to $45 million bracket.

The previous week marked a record-breaking period for Bhutan’s cryptocurrency disposals. A series of transactions totaling approximately $72 million occurred within a seven-day span. The single largest movement involved 595.8 BTC worth $44.44 million.

Strategic OTC Distribution Model

QCP Capital, a Singapore-domiciled trading institution, has been the recipient of three distinct transfers from Bhutan’s wallet, totaling roughly $16.6 million year-to-date. These recurring transactions to an identical counterparty indicate a formalized over-the-counter distribution framework.

OTC transactions enable substantial holders to liquidate positions without creating downward pressure on public exchange order books, thereby minimizing market disruption. Bhutan’s strategy of segmenting sales into manageable portions appears designed for this purpose.

Bitcoin (BTC) Price

Bitcoin’s market price has fluctuated between $65,000 and $75,000 throughout March, significantly below the $119,000 peak levels. When Bhutan’s holdings were at maximum, the portfolio valuation approached $1.88 billion. Current holdings are valued at approximately $315 million.

Blockchain monitoring reveals virtually no fresh Bitcoin entering Bhutan’s wallets from mining activities in recent months. This data pattern suggests the government may have reduced or suspended mining operations following Bitcoin’s latest halving event.

The Gelephu Commitment Conundrum

In December, Bhutan’s government unveiled a Bitcoin Development Pledge earmarking up to 10,000 BTC to finance the ambitious Gelephu Mindfulness City initiative. Based on December valuations, this commitment represented approximately $860 million.

With current holdings below 4,500 BTC, fulfilling this original pledge would require completely reversing the sell-off and acquiring additional coins beyond current inventory.

Wednesday’s 519.7 BTC transfer represents the latest chapter in what has evolved into an escalating trend of sovereign Bitcoin liquidations throughout 2026.

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