Bhutan’s latest bitcoin transfer has renewed attention on the country’s sovereign crypto strategy. According to onchain data flagged by Arkham Intelligence, Bhutan’s Royal Government, through Druk Holding & Investments (DHI), moved about 375 BTC on March 31, 2026, worth roughly $25.18 million at the time. That transaction pushed the country’s total bitcoin outflows over the previous seven days to more than 1,018 BTC, with a combined value above $70 million.
March marks Bhutan’s busiest period of BTC outflows
Onchain records suggest March has been the most active month of bitcoin selling for Bhutan this year. In addition to the 375 BTC transfer at the end of the month, DHI also moved 595.848 BTC, 519.707 BTC, 205.53 BTC, 175 BTC, 150.047 BTC, and 123.698 BTC in earlier transactions. Several of those transfers were routed to wallets linked to Singapore trading firm QCP Capital, while others appeared to head toward exchange deposit addresses.
The report says Bhutan’s cumulative BTC outflows in 2026 have now exceeded $150 million. That marks a notable acceleration from January and February, when monthly reductions were estimated at only $5 million to $15 million. In March, however, weekly sales climbed to $35 million or more.
Holdings have dropped sharply from the 2024 peak
As of March 31, 2026, DHI’s remaining bitcoin holdings stood at about 3,954 BTC, valued in the article at roughly $263 million. That is down around 66% to 70% from Bhutan’s reported peak at the end of 2024, when it held more than 13,000 BTC and the portfolio was valued near $1.88 billion.
Bhutan has not issued official statements explaining each individual transfer. Still, analysts tracking the wallets have tied the sales to funding needs for Gelephu Mindfulness City (GMC), a flagship special economic zone intended to attract foreign investment and broaden the country’s economic base. Bhutan had pledged up to 10,000 BTC to the project in December 2025, but with current holdings now below 4,000 BTC, that commitment appears difficult to fulfill using reserves alone.
OTC routing may limit visible market impact
One key detail is that Bhutan’s transfers have generally not been routed through public exchange order books. Instead, they appear to move through OTC channels. The article notes that wallets tied to DHI sent around $16.6 million in bitcoin to QCP Capital in 2026. That approach can help reduce slippage and avoid creating obvious spot-market selling pressure from large single transactions.
Bhutan began state-backed bitcoin mining around 2019, using low-cost hydropower and partnerships through DHI to build its holdings. Because production costs were relatively low, the country’s BTC reserves have remained profitable even at prices well below current market levels. The main question now is whether future mining output or alternative funding sources can offset continued sales and stabilize the country’s sovereign bitcoin reserves.