Bhutan has accelerated the sale of its sovereign holdings in Bitcoin and has moved another 519.7 BTC worth around $36.7 million to external wallets on Wednesday. The latest shift indicates a significant rise in sales volume, pushing the total outflows of BTC to approximately $152 million in 2026, according to Arkham Intelligence data.
This transaction represents a larger trend of BTC transactions. In March, the week before this transaction, Bhutan saw its busiest BTC week in history, transacting nearly $72 million in BTC, with one transfer of 595.8 BTC, 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.
January and February sales have been between $5 million and $15 million, but in March, sales increased to $35 million-$45 million.
This indicates that the treasury may be pursuing a more organized and planned approach instead of random selling.
Another interesting movement of money in Bhutan is the continuous movement of funds to Singapore trading company QCP Capital.
The company has also had several inflows this year, amounting to approximately $16.6 million, showing that there could be an over-the-counter (OTC) selling arrangement.
This kind of organized trading indicates that Bhutan is trying to keep market interference to a minimum by not subjecting the market to big open-market sell orders.
Bhutan’s BTC reserves have declined sharply in recent months. The country currently holds 4,453 BTC as compared to 13,000 BTC in late 2024, a decline of around 66%.
The remaining holdings are currently valued at approximately $315 million versus a maximum portfolio value of about $1.88 billion.
The drop suggests active sale operations and a correction of the BTC price from $126,000 in October, 2025 to approximately $70,000 levels.
The BTC reserves in Bhutan were mainly amassed by state-owned mining activities through hydroelectric energy. This energy model is cheap enough to create an almost zero-cost basis for the country holding Bitcoins.
Consequently, even at the current price, most of the sales made by Bhutan will result in profits, giving the government a constant stream of liquidity.
Also Read: Bhutan Becomes First Nation to Use Ethereum for Digital ID
This continued sell-off can have an effect on Bhutan, which had previously promised to use up to 10, 000 BTC to fund the Gelephu mindfulness city project.
As of holding less than 4,500 BTC, it seems unlikely that they will be able to fund the project unless they start accumulating again.