Bhutan Sells $72M Bitcoin as Treasury Holdings Fall 58%

Edgen Crypto·Mar 25 2026, 05:41

Share to

Share to

Copy link

Key Takeaways

The Royal Government of Bhutan is systematically liquidating its substantial Bitcoin treasury, built from years of state-backed hydroelectric mining. Recent large-scale transfers to professional trading desks signal a strategic shift from asset accumulation to funding national economic development, marking a significant move for one of the world's pioneering sovereign crypto holders.

Bhutan transferred approximately $72.3 million worth of Bitcoin in a 24-hour period between March 17 and March 18, 2026.
The kingdom's total Bitcoin holdings have declined by more than 58% from a peak of over 13,000 BTC in late 2024 to roughly 4,450 BTC.
On-chain data shows a halt in significant mining inflows for over a year, suggesting a pause in its state-run mining operations.

Bhutan Liquidates $72M Bitcoin in Strategic Treasury Move

The Royal Government of Bhutan executed a significant series of Bitcoin transfers between March 17 and March 18, 2026, moving approximately 973 BTC valued at $72.3 million from its sovereign treasury. This brings the country's total Bitcoin outflows in 2026 to over $110 million. The transactions show a sophisticated approach to treasury management, with a portion of the funds (20.5 BTC, worth about $1.5 million) directed to QCP Capital, a Singapore-based over-the-counter (OTC) trading desk. Routing large sales through an OTC platform is a standard institutional practice designed to secure liquidity and minimize price impact on public exchanges.

Sovereign Holdings Plummet 58% as Mining Operations Pause

This recent activity highlights a dramatic reduction in Bhutan's once-massive Bitcoin reserves. The country's holdings have fallen by over 58% from a peak of more than 13,000 BTC in October 2024 to a current balance of approximately 4,453 BTC. At its zenith, the treasury was valued at an estimated $1.5 billion; it is now worth around $330 million. This sustained selling corresponds with a lack of new inflows from its mining operations. On-chain data from Arkham Intelligence reveals that Bhutan has not received any mining-related Bitcoin deposits exceeding $100,000 in over a year, suggesting its pioneering hydroelectric-powered mining has been significantly scaled back or halted. Analysts speculate the shift is driven by a combination of reduced mining profitability following the 2024 halving and the need to liquidate assets to finance national development projects, such as the proposed $500 million Gelephu Mindfulness City.