Bhutan moves another 500 bitcoin to exchanges as 2026 outflows top $150 million

The Royal Government of Bhutan transferred 519.707 BTC on Wednesday, the latest in a series of increasingly large moves that have taken its holdings from a peak of roughly 13,000 BTC to 4,453.

What to know:

Bhutan has accelerated sales from its state-owned bitcoin reserves, moving about $152 million worth of BTC so far in 2026, including a 519.7 BTC transfer worth $36.75 million on Wednesday.

The kingdom's holdings have fallen roughly 66% from a late-2024 peak of about 13,000 BTC to 4,453 BTC, as larger March transactions replace the smaller $5 million to $15 million clips seen in January and February.

Repeated transfers to Singapore-based QCP Capital suggest a structured over-the-counter selling arrangement, and the drawdown has left Bhutan with fewer than half the coins needed to meet its earlier pledge of up to 10,000 BTC for the Gelephu Mindfulness City project.