Bhutan Government Sells $70 Million in Bitcoin in One Week Amid Gelephu City Push

The transfer was executed through Druk Holding & Investments (DHI), the sovereign investment arm of the Bhutanese government. Blockchain analytics platform Arkham confirmed the move from a DHI-linked wallet to an external address, consistent with patterns seen throughout early 2026.

The week’s total reached 1,018 BTC, worth more than $70 million at prevailing prices between $66,500 and $67,000 per coin. That figure includes a 519.707 BTC transfer recorded around March 25, and additional batched moves earlier in the month.

March marks the busiest period in Bhutan’s onchain bitcoin history. Earlier in the month, DHI moved approximately 595.848 BTC in a single transaction, the largest of the year. Other March transfers included 519.707 BTC, 205.53 BTC, 175 BTC, 150.047 BTC, and 123.698 BTC, many routed to wallets linked to Singapore-based trading firm QCP Capital or to exchange deposit addresses.

Bhutan’s bitcoin holdings now stand at approximately 3,954 BTC, worth around $263 million. That represents a decline of roughly 66% to 70% from a late-2024 peak of more than 13,000 BTC, which at the time carried a portfolio value approaching $1.88 billion.

Year-to-date outflows in 2026 have exceeded $150 million in BTC. The pace has shifted considerably, from smaller monthly clips of $5 to $15 million in January and February, to weekly tranches of $35 million or more through March.

The government has not issued official statements on individual transfers. Analysts tracking the activity attribute the sales primarily to funding requirements for the Gelephu Mindfulness City (GMC), a flagship special economic zone that Bhutan pledged up to 10,000 BTC toward in December 2025. The GMC is designed to attract foreign investment and diversify the country’s economy.

Bhutan began state-backed bitcoin mining around 2019, using cheap hydroelectric power to run mining operations through DHI. The country partnered with hardware providers, including Bitmain and firms such as Bitdeer, producing BTC at near-zero marginal cost. Those low production costs made the holdings largely profitable even at prices well below current market levels.

Transfers consistently route through OTC channels rather than open exchange order books. QCP Capital received approximately $16.6 million in bitcoin from DHI-linked wallets in 2026. That pattern keeps individual transactions from creating visible downward pressure on spot markets.

The drawdown raises questions about the original GMC pledge. With holdings now at 3,954 BTC, fulfilling a 10,000 BTC commitment through reserves alone is no longer feasible unless the government supplements sales proceeds with continued mining output or other financing.

Bhutan remains among a small group of sovereign nations holding bitcoin as a financial asset rather than as seized property. The country’s approach, mining, accumulating, and selectively liquidating, differs from the U.S. government model, which holds bitcoin primarily from criminal forfeitures.

Onchain platforms including Arkham Intelligence, Onchain Lens, and Lookonchain continue to flag each transfer in near-real time. Arkham’s entity page for Druk Holding & Investments logs wallet addresses, inflow and outflow history, and counterparty data dating back years.

At current rates, Bhutan’s remaining bitcoin stack could shrink further through the second quarter unless mining output offsets continued sales or BTC’s price appreciation reduces the number of coins needed to meet funding targets.

FAQ 🧭

• How much bitcoin does Bhutan hold? As of March 31, 2026, Bhutan’s Druk Holding & Investments controls approximately 3,954 BTC, worth around $263 million.
• Why is Bhutan selling bitcoin? Analysts link the sales to funding needs for the Gelephu Mindfulness City project and broader national development spending.
• How does Bhutan sell bitcoin without moving the market? DHI routes transfers through OTC intermediaries like QCP Capital to minimize slippage and avoid open exchange order books.
• Where can I track Bhutan’s bitcoin transactions? Arkham Intelligence maintains a public entity page for Druk Holding & Investments at intel.arkm.com with full on-chain transfer history.

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