The Royal Government of Bhutan transferred 519.707 BTC on Wednesday, the latest in a series of increasingly large moves that have taken its holdings from a peak of roughly 13,000 BTC to 4,453. Bhutan has accelerated sales from its state-owned bitcoin reserves, moving about $152 million worth of BTC so far in 2026, including a 519.7 BTC transfer worth $36.75 million on Wednesday. The kingdom’s holdings have fallen roughly 66% from a late-2024 peak of about 13,000 BTC to 4,453 BTC, as larger March transactions replace the smaller $5 million to $15 million clips seen in January and February. Repeated transfers to Singapore-based QCP Capital suggest a structured over-the-counter selling arrangement, and the drawdown has left Bhutan with fewer than half the coins needed to meet its earlier pledge of up to 10,000 BTC for the Gelephu Mindfulness City project.
Bhutan has sold a part of its BTC stash again, and the pace is accelerating. The Royal Government of Bhutan moved 519.707 BTC worth $36.75 million on Wednesday to an external address, according to Arkham Intelligence data. The transfer continues a drawdown that has intensified sharply over the past two weeks, with approximately $152 million in total outflows in 2026 alone. The week before Wednesday’s move was the most active period in the kingdom’s bitcoin history.
Arkham’s outflow data shows a cluster of transfers totaling roughly $72 million in a single week, headlined by a 595.848 BTC transfer worth $44.44 million. That was followed by 205.53 BTC ($15.14 million) and 150.047 BTC ($11.14 million) sent to external addresses, plus 20.506 BTC ($1.52 million) to QCP Capital’s merchant deposit address. In January, Bhutan moved 184 BTC ($14.09 million) to an external wallet, sent 100.818 BTC ($8.31 million) to QCP Capital, and transferred $1.5 million in USDT to a Binance hot wallet. In February, another 100 BTC ($6.77 million) went to QCP. Two weeks ago, 175 BTC ($11.85 million) went out.
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