All coins were sent to two external wallets, leaving 4,453 BTC▼$60,939.00 remaining in the country’s reserves.
Bhutan’s authorities have conducted a large transfer of bitcoin from their balance to two addresses. One of the addresses is linked to Singapore-based trading firm QCP Capital. This could indicate possible preparation for an asset sale or represent a step in liquidity management.
The transaction occurred against a backdrop of a declining market. The leading digital asset, bitcoin, traded on March 25 approximately 40% below its all-time high. At the time of writing, the price of BTC stands at $71,551, according to CoinMarketCap.
Context of the Operations
This is not the first large transaction in March. Last week, the fund moved about 973 BTC worth $72 million, and earlier this month, roughly $12 million. In 2026, the total volume of such operations has already exceeded $110 million. The official reasons for the transactions have not been disclosed.
The management of crypto assets is carried out by the state sovereign fund Druk Holding and Investments. Following the latest transaction, Bhutan retains 4,453 BTC. At current valuations, this is approximately $316 million. The country ranks seventh in the world in terms of bitcoin reserves.
From Mining to Reserve Reduction
Bhutan accumulated bitcoins through mining, leveraging cheap hydroelectric power. The peak of its reserves came in October 2024, with more than 13,000 BTC. Since then, reserves have declined by approximately 66%.
According to data from Arkham Intelligence, the last significant inflow of funds exceeding $100,000 was observed over a year ago. Analysts suggest the country may have reduced or ceased its mining operations.
Big Plans for Bitcoin
In December 2025, Bhutan’s authorities announced plans to use up to 10,000 BTC for the economic development of Gelephu city and to create jobs. The implementation of these plans has not yet begun.
The transactions are regular in nature and are conducted through well-known counterparties. This may indicate planned reserve management rather than an urgent sale.
