Bhutan Sells About $120 Million in Bitcoin, Cutting Holdings More Than 60% From Peak

Bhutan's Royal Government has sold roughly $120 million worth of Bitcoin since the beginning of the year, accelerating a drawdown that has cut the Himalayan kingdom's digital reserves by more than 60% from their high. Blockchain analytics firm Arkham Intelligence said the latest move came on March 27, when Bhutan transferred 123.7 BTC (about $8.5 million) to a previously unused address. The transfer followed a much larger sale 48 hours earlier, when the government offloaded 519.7 BTC for about $36.75 million. The transactions appear to be executed through over-the-counter desks and market makers, including Singapore-based QCP Capital, aiming to limit disruption to public exchange order books. The 2026 selling pace signals a change for Druk Holding and Investments, Bhutan's sovereign wealth fund. Once irregular, the sales now look more systematic. Since Jan. 1, Arkham data show Bhutan has moved $158.57 million out of its primary wallets while receiving $38.84 million back. Arkham added that Bhutan has reduced its holdings by about 1,700 BTC since the start of the year and previously sold around 3,500 BTC in mid-to-late September 2025. Bhutan's Bitcoin position differs from many governments that acquire crypto through criminal forfeitures. The country built its stockpile via a state-backed mining initiative launched in 2019, using surplus hydroelectric power. At its peak, holdings reached about 13,000 BTC. After steady sales over the past two years, Bhutan's balance has fallen to roughly 4,300 BTC, valued at nearly $300 million. Analysts say proceeds may be funding major infrastructure initiatives, including Gelephu Mindfulness City, a planned special administrative region. Bhutan has previously pledged to allocate 10,000 BTC to the project; the current liquidation suggests reserves may be tapped to finance early-stage construction. Even after the selloff, Bhutan remains the world's seventh-largest sovereign Bitcoin holder, behind the United States, China, the United Kingdom, El Salvador and the United Arab Emirates.