Bhutan Keeps Selling Its Bitcoin, Reserves Sold By Over Half

"Data from blockchain analytics firm Arkham Intelligence shows that the Royal Government of Bhutan transferred 175 BTC, valued at $11.85 million, on Monday to an address that had previously received 184 BTC in February. The February activity included multiple transfers totaling roughly $30.7 million, including two sends to QCP Capital, a trading firm, and a $1.5 million USDT transfer to a Binance hot wallet."

"The pattern suggests a planned treasury drawdown and liquidity management strategy rather than panic selling. Bhutan mined much of its Bitcoin using surplus hydropower, giving the government a near-zero cost basis. Every sale, therefore, represents a profit for the state."

"Bhutan's Bitcoin stack peaked around 13,000 BTC in late 2024, after several years of accumulation through state-backed mining operations. Since then, the holdings have fallen to approximately 5,400 BTC, a 58% reduction. Dollar value has also dropped due to the decline in Bitcoin prices from roughly $126,000 at the peak to around $69,000 today."

Bhutan's sovereign wealth fund, Druk Holding and Investments, has systematically sold portions of the country's Bitcoin reserves in 2026, moving approximately $42.5 million through consistent transfers to the same trading partners. The government transferred 175 BTC valued at $11.85 million in February and additional amounts to QCP Capital and Binance. Bitcoin holdings peaked at 13,000 BTC in late 2024 but have declined 58% to approximately 5,400 BTC. The consistent transfer patterns and sizes suggest structured liquidity management rather than panic selling. Bhutan mined most Bitcoin using surplus hydropower, providing near-zero cost basis and ensuring all sales generate profits. The fund manages state-owned enterprises and pledged up to 10,000 BTC to fund Gelephu Mindfulness City, a special economic zone for digital asset financial reserves.

Read at Bitcoin Magazine