Bhutan transfers another 500 bitcoin to exchanges, pushing 2026 outflows past $150 million.

Bhutan has stepped up the pace of its bitcoin sales, with the latest transfer underscoring a sharp acceleration in outflows.

The Royal Government of Bhutan moved 519.707 BTC—worth about $36.75 million—on Wednesday to an external address, according to data from Arkham Intelligence. The transaction is part of a broader wave of selling that has intensified in recent weeks, pushing total outflows for 2026 to roughly $152 million.

The previous week marked the most active stretch on record for Bhutan’s bitcoin activity. Blockchain data shows a series of transfers totaling around $72 million, including a single movement of 595.848 BTC valued at $44.44 million—the largest transaction so far this year. Additional transfers included 205.53 BTC ($15.14 million), 150.047 BTC ($11.14 million), and a smaller 20.506 BTC ($1.52 million) sent to QCP Capital.

Earlier in the year, the selling pattern was more measured. In January, Bhutan moved 184 BTC ($14.09 million) to an external wallet, sent 100.818 BTC ($8.31 million) to QCP Capital, and transferred $1.5 million in USDT to a Binance hot wallet. February saw another 100 BTC ($6.77 million) routed to QCP, followed by a 175 BTC ($11.85 million) transfer two weeks ago. That cadence has since escalated into larger, more frequent transactions.

The shift is evident in transaction size, with transfers increasing from roughly $5 million–$15 million earlier in the year to $35 million–$45 million in March.

QCP Capital has emerged as a recurring counterparty, receiving multiple transfers totaling about $16.6 million in 2026. The repeated flows to the Singapore-based trading firm suggest Bhutan may be using structured over-the-counter (OTC) channels rather than executing open-market liquidations.

Bhutan’s bitcoin holdings once peaked at around 13,000 BTC in late 2024, accumulated through state-backed hydroelectric mining operations with minimal production costs. As a result, each sale represents pure profit for the country, whose economy relies heavily on hydropower exports to India.

Since October 2024, however, holdings have declined sharply. The country now holds approximately 4,453 BTC—valued at about $315 million—representing a roughly 66% drop from peak levels. Portfolio value has also fallen significantly, from an estimated $1.88 billion to $315 million, reflecting both ongoing sales and a decline in bitcoin’s price from $119,000 to around $70,000.

In December, Bhutan announced a Bitcoin Development Pledge allocating up to 10,000 BTC to fund the Gelephu Mindfulness City project—worth about $860 million at the time. With current holdings below 4,500 BTC, fulfilling that commitment under its original terms would require a reversal of recent selling trends.

CoinDesk has reached out to Druk Holding & Investments, the government’s investment arm, for comment on the recent transfers and the status of the Gelephu initiative.