Bhutan Cuts Sovereign Bitcoin Holdings by $36.7 Million to Fund Gelephu Development

Bhutan transferred 519.7 Bitcoin from a government-linked wallet on Wednesday, reducing its sovereign digital asset reserve by approximately $36.7 million.

On-chain data firm Arkham identified the transfer to two wallets, one linked to trading firm QCP Capital. This event follows a $72 million withdrawal in mid-March and an $11.8 million movement earlier in the month, establishing a pattern of accelerated selling compared to February’s 284 BTC outflow.

Despite these sales, holdings remain at 4,453 BTC, valued at roughly $315 million. Total reserves have dipped from over 13,000 BTC in October 2024 to the current level, placing Bhutan fifth globally behind nations like the US and El Salvador as of mid-March. The state funds its mining via hydroelectric power plants, a capability expanded through a $500 million partnership with Bitdeer announced in 2023.

Looking toward economic development, the strategy has broadened beyond single-asset accumulation. On Jan. 8, 2026, Bhutan’s GMC revealed plans to set up a strategic cryptocurrency reserve comprising major tokens, including Bitcoin, Ether (ETH) and BNB (BNB). These moves build upon the December 2025 commitment to utilize BTC reserves for the Gelephu Mindfulness City, signaling a shift toward diversified sovereign wealth management that leverages early mining 
advantages.