TLDR
- Bhutan has moved 175 Bitcoin worth $11.85 million from its national holdings on Monday, according to blockchain analytics firm Arkham.
- The country’s Bitcoin stack has fallen 58% from a peak of around 13,000 BTC in late 2024 to roughly 5,400 BTC today.
- Bhutan has sold approximately $42.5 million worth of Bitcoin and USDT so far in 2026, including transfers to trading firm QCP Capital.
- Druk Holding and Investments, Bhutan’s sovereign wealth fund, manages the holdings built through hydroelectric-powered mining with near-zero cost basis.
- In December, Bhutan pledged up to 10,000 BTC to help fund Gelephu Mindfulness City, a new special economic zone.
Bhutan has been quietly selling off its national Bitcoin reserves throughout early 2026, with blockchain data showing a steady and planned drawdown of the small Himalayan kingdom’s crypto holdings.
On Monday, Bhutan’s state-owned investment arm, Druk Holding and Investments, moved 175 Bitcoin worth $11.85 million to a wallet address that had already received 184 Bitcoin in February.
That same February address previously forwarded its funds to a third wallet, which has received a total of 1,910 Bitcoin since 2024.
Bhutan just moved another $11 Million of Bitcoin out of its main holding addresses.
The last time they did this was 1 month ago, and they were selling $7 Million of BTC with QCP Capital.
Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly… pic.twitter.com/tBuz280bBe
— Arkham (@arkham) March 9, 2026
Arkham Intelligence, the blockchain analytics platform tracking these moves, says Bhutan has now shifted roughly $42.5 million worth of Bitcoin and USDT out of its holdings in 2026 alone.
February’s activity included four separate transfers: the 184 Bitcoin move, two sends to trading firm QCP Capital totaling around 200 Bitcoin worth $15 million, and a $1.5 million USDT transfer to a Binance wallet.
Arkham noted that the last time Bhutan moved a similar amount of Bitcoin — in February — it was linked to a $7 million sale with QCP Capital.
The pattern of transfers to the same counterparties in similar sizes points to a planned treasury drawdown rather than distressed selling.
How Bhutan Built Its Bitcoin Stack
Bhutan began state-backed Bitcoin mining in 2019, powered almost entirely by surplus hydroelectric energy from its mountain rivers.
By late 2024, the country had accumulated around 13,000 Bitcoin, making it one of the largest nation-state holders in the world.
Following the April 2024 Bitcoin halving, which cut mining rewards to 3.125 Bitcoin per block, mining profitability declined and accumulation slowed.
Because Bhutan mined its coins using surplus power, its cost basis is effectively zero — meaning every sale is pure profit, unlike corporate buyers who purchased at market prices.
What Bhutan Is Doing With the Money
Bhutanese Prime Minister Tshering Tobgay said in a March 2025 interview with Al Jazeera that proceeds from Bitcoin sales have been used to fund healthcare, environmental projects, and public servant salaries.
In December 2025, Bhutan announced a national Bitcoin Development Pledge, committing up to 10,000 BTC to fund Gelephu Mindfulness City, a special economic zone planned to use digital assets as financial reserves.
The Numbers Today
Bhutan’s holdings currently sit at around 5,400 Bitcoin, placing it seventh among nation-state holders.
The United States holds the largest country-level Bitcoin stash at 328,372 Bitcoin, worth just under $22 billion.
Bhutan’s position, once worth over $1.5 billion at its peak when Bitcoin traded near $119,000, is now valued at around $374 million with Bitcoin trading near $69,000.
Druk Holding and Investments did not respond to requests for comment.
