{"id":70464,"date":"2026-03-31T15:19:57","date_gmt":"2026-03-31T15:19:57","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bhutan-transfers-375-btc-in-latest-sovereign-bitcoin-drawdown-crypto-news-bitcoin-news\/"},"modified":"2026-03-31T15:19:57","modified_gmt":"2026-03-31T15:19:57","slug":"bhutan-transfers-375-btc-in-latest-sovereign-bitcoin-drawdown-crypto-news-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bhutan-transfers-375-btc-in-latest-sovereign-bitcoin-drawdown-crypto-news-bitcoin-news\/","title":{"rendered":"Bhutan Transfers 375 BTC in Latest Sovereign Bitcoin Drawdown \u2013 Crypto News Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bhutan Government Sells $70 Million in Bitcoin<\/span> in One Week Amid Gelephu City Push<\/h2>\n

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

The week\u2019s total reached 1,018 BTC<\/span>, worth more than $70 million at prevailing prices between $66,500 and $67,000 per coin. That figure includes a 519.707 BTC<\/span> transfer recorded around March 25, and additional batched moves<\/a> earlier in the month.<\/p>\n

March marks the busiest period in Bhutan\u2019s onchain bitcoin<\/span> history. Earlier in the month, DHI moved approximately 595.848 BTC<\/span> in a single transaction, the largest of the year. Other March transfers included 519.707 BTC<\/span>, 205.53 BTC<\/span>, 175 BTC<\/span>, 150.047 BTC<\/span>, and 123.698 BTC<\/span>, many routed to wallets linked to Singapore-based trading firm QCP Capital or to exchange deposit addresses.<\/p>\n

Bhutan\u2019s bitcoin<\/span> holdings now stand at approximately 3,954 BTC<\/span>, worth around $263 million. That represents a decline of roughly 66% to 70% from a late-2024 peak of more than 13,000 BTC<\/span>, which at the time carried a portfolio value approaching $1.88 billion.<\/p>\n

Year-to-date outflows in 2026 have exceeded $150 million in BTC<\/span>. 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.<\/p>\n

The government<\/a> 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<\/span> toward in December 2025. The GMC is designed to attract foreign investment and diversify the country\u2019s economy.<\/p>\n

Bhutan began state-backed bitcoin mining<\/a> 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<\/a>, producing BTC<\/span> at near-zero marginal cost. Those low production costs made the holdings largely profitable even at prices well below current market levels.<\/p>\n

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

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

Bhutan<\/a> remains among a small group of sovereign nations holding bitcoin<\/span> as a financial asset rather than as seized property. The country\u2019s approach, mining, accumulating, and selectively liquidating, differs from the U.S. government model, which holds bitcoin<\/span> primarily from criminal forfeitures.<\/p>\n

Onchain platforms including Arkham Intelligence, Onchain Lens<\/a>, and Lookonchain continue to flag each transfer in near-real time. Arkham\u2019s entity page for Druk Holding & Investments logs wallet addresses, inflow and outflow history, and counterparty data dating back years.<\/p>\n

At current rates, Bhutan\u2019s remaining bitcoin<\/a> stack could shrink further through the second quarter unless mining output offsets continued sales or BTC<\/span>\u2019s price appreciation reduces the number of coins needed to meet funding targets.<\/p>\n

FAQ \ud83e\udded<\/h2>\n