The Royal Government of Bhutan accelerated its bitcoin transfers on Wednesday, moving 519.707 BTC worth approximately $36.75 million to an external address, according to Arkham Intelligence. The move brings total outflows in 2026 to over $152 million, with the pace of selling intensifying sharply over the past two weeks.
Record Weekly Outflow of $72M
The week before Wednesday's transfer was the most active period in Bhutan's bitcoin history. Arkham data shows a cluster of outflows totaling roughly $72 million in a single week, headlined by a 595.848 BTC transfer worth $44.44 million — the largest single move of the year. Other transfers included 205.53 BTC ($15.14M), 150.047 BTC ($11.14M) to external addresses, and 20.506 BTC ($1.52M) to QCP Capital's merchant deposit address.
QCP Capital Emerges as Key Counterparty
Singapore-based trading firm QCP Capital has received three separate transfers totaling roughly $16.6 million this year. The repeated and growing deposits suggest an OTC relationship for structured selling rather than ad hoc liquidations. Earlier in 2026, Bhutan sent 100.818 BTC ($8.31M) and then 100 BTC ($6.77M) to QCP. The transfer size has jumped from $5-15 million clips in January-February to $35-45 million in March and beyond.
Zero-Cost Mining, 66% Drawdown
Bhutan amassed roughly 13,000 BTC over several years through state-backed hydroelectric mining, with a near-zero cost basis. The economy relies heavily on hydroelectric exports to India, so every coin sold is pure profit. Since October 2024, the drawdown has been steep. Current holdings stand at 4,453 BTC worth $315 million, a 66% reduction from the peak. Combined with bitcoin's decline from $119,000 to $70,000, the portfolio has fallen from a peak value of $1.88 billion to $315 million.
Gelephu Pledge Now Mathematically Impossible
In December 2024, Bhutan unveiled a Bitcoin Development Pledge committing up to 10,000 BTC to fund the Gelephu Mindfulness City, then worth roughly $860 million. With current holdings below 4,500 BTC, the original pledge cannot be fulfilled unless the selling trend is completely reversed. Druk Holding & Investments, the government's commercial arm, did not immediately respond to requests for comment on the latest transfers or the status of the Gelephu commitment.