Bhutan has significantly stepped up the pace of sales from its state-owned bitcoin reserves in 2026, offloading approximately $152 million worth of BTC so far this year. The most recent transaction, recorded on Wednesday, involved a transfer of 519.7 BTC valued at around $36.75 million. The scale of recent activity marks a clear shift from the smaller transactions observed earlier in the year.
In January and February, the kingdom’s transfers typically ranged between $5 million and $15 million per transaction. By March, however, the size of individual sales had grown considerably, suggesting a more deliberate and accelerated liquidation strategy. This pattern points to a structured approach rather than opportunistic selling.
Repeated transfers have been directed to QCP Capital, a Singapore-based trading firm, which analysts interpret as evidence of a formal over-the-counter selling arrangement. Such arrangements are commonly used by large holders seeking to move significant quantities of cryptocurrency without causing major disruptions to open market prices. The consistent destination of the transfers reinforces the view that a defined agreement is in place.
Bhutan’s total bitcoin holdings have declined by roughly 66% from a peak of approximately 13,000 BTC recorded in late 2024, leaving the country with around 4,453 BTC at present. The drawdown represents one of the more substantial reductions in a sovereign bitcoin reserve reported in recent months. The speed of the decline has drawn attention from observers tracking state-level cryptocurrency activity.
The sales have raised questions about Bhutan’s ability to fulfill a previously stated commitment to allocate up to 10,000 BTC toward the Gelephu Mindfulness City project. With current holdings standing at fewer than half that figure, the kingdom would need to reverse course significantly to meet that pledge. No official statement has been issued clarifying whether the project’s funding target has been revised or abandoned.
Originally reported by CoinDesk.
