Kingdom of Bhutan signals dumping more Bitcoin

The Royal Government of Bhutan has transferred another batch of Bitcoin (BTC), signaling possible selling as the asset continues to witness capital outflows.

On-chain analytics show the move involved roughly 375 Bitcoin, valued at approximately $25.19 million at the time of the transfer. The amount was moved to an intermediary wallet previously linked to outflows toward Galaxy Digital, according to on-chain data retrieved from Arkham on March 31.

This latest activity adds to a wave of large transfers throughout March. Earlier, the government moved 973 Bitcoin worth about $72 million over two days, followed by 519.7 Bitcoin valued at $36.75 million to external wallets, including those linked to trading firms. 

Another 123.7 Bitcoin transfer worth $8.5 million on March 27 underscores the accelerated pace.

Overall, these transactions have pushed total 2026 outflows above $152 million, with net sales estimated at around $120 million after accounting for some inflows.

Bhutan Bitcoin holdings

As of press time, the kingdom’s Bitcoin holdings stood at approximately $714.08 million, equivalent to 10,769 BTC, representing about 0.051% of the total supply of Bitcoin.

The valuation reflects a 25% decline over the past three months, highlighting the impact of recent market movements on the kingdom’s digital asset reserves.

Bhutan began mining Bitcoin in 2019 using surplus hydropower, turning excess clean energy into a strategic reserve managed by Druk Holding and Investments that, at one point, contributed nearly 40% of GDP.

By late 2025, it had built one of the world’s largest sovereign Bitcoin holdings, viewed as a long-term store of value. 

However, after pledging up to 10,000 BTC for the Gelephu Mindfulness City project, 2026 has marked a shift toward steady, measured sales, typically $5 to $10 million per batch, to limit market impact.

Many of these transfers have been routed through established trading counterparties, including Singapore-based QCP Capital, in what analysts describe as orderly over-the-counter arrangements. 

The proceeds are understood to support national infrastructure projects, civil servant salaries, and broader development goals tied to Gelephu Mindfulness City.