The Royal Government of Bhutan, through its sovereign wealth fund Druk Holding and Investments, has executed another significant Bitcoin sell-off. On Wednesday, March 25, 2026, the fund transferred 519.7 BTC, worth approximately $36.75 million, to wallets linked to cryptocurrency exchange Binance and trading firm QCP Capital.
This transaction is part of a consistent pattern of outflows that has been ongoing for months. Data from blockchain analytics platform Arkham Intelligence confirms the movement was a split transaction, with funds routed to two distinct deposit addresses. Such direct transfers to exchange-linked wallets typically signal an immediate intent to sell or collateralize assets.
The sale reduces Bhutan's remaining Bitcoin stack to roughly 4,453 BTC, valued at about $315.89 million. This represents a sharp decline of over 60% from the nation's peak holdings of more than 13,000 BTC in October 2024. Analysts note the sovereign fund is liquidating its position in steady tranches, with recent weeks seeing a $72 million exit and a $12 million transfer.
Bhutan's Bitcoin holdings were not purchased on the open market but were generated through industrial-scale mining operations powered by the country's renewable hydropower. This gives Druk Holding a near-zero cost basis, making these sales a source of pure profit realization for the state treasury. The strategy marks a clear shift from being a net accumulator of Bitcoin from 2022 through late 2024 to now acting as a disciplined seller, monetizing its digital surplus.
Market observers speculate the capital is being rotated to fund domestic initiatives, potentially the Gelephu Mindfulness City infrastructure project. Despite the persistent sell pressure from this known source, Bitcoin has shown resilience, with analysts suggesting strong demand is absorbing the supply.
