The Government of Bhutan has reportedly sold around US$120 million, or approximately Rp2.03 trillion, worth of Bitcoin since the beginning of 2026. This move accelerates its divestment strategy, which has already reduced more than 60% of the country’s digital asset reserves from their peak level.

As reported by Yahoo Finance on Monday (March 30, 2026), data from Arkham Intelligence shows that the latest transaction occurred on March 27, when the government transferred 123.7 BTC worth about US$8.5 million to a previously unused address. This transfer took place just 48 hours after Bhutan sold 519.7 BTC valued at approximately US$36.75 million.

In executing these sales, Bhutan is said to have utilized over-the-counter (OTC) mechanisms and engaged market makers to minimize the impact on the open market. One of the parties involved is Singapore-based QCP Capital.

The selling activity in 2026 reflects a significant shift in the strategy of Bhutan’s sovereign wealth fund, Druk Holding and Investments. While sales were previously carried out sporadically, they now appear to be more structured and programmatic.

Since January 1, 2026, the government has moved assets worth US$158.57 million from its main wallet and has only received US$38.84 million in return. Arkham notes that Bhutan has been gradually selling Bitcoin in the range of US$5–10 million per transaction, including the sale of around 3,500 BTC in September 2025.

Unlike many other countries that acquire Bitcoin through the seizure of criminal assets, Bhutan built its reserves through a state-supported mining program initiated in 2019. By utilizing surplus hydroelectric energy from glacial rivers, the country was able to accumulate up to 13,000 BTC.

However, consistent sales over the past two years have reduced its holdings to around 4,300 BTC, valued at nearly US$300 million. Even so, Bhutan remains the seventh-largest Bitcoin holder globally, ranking below the United States, China, the United Kingdom, El Salvador, and the United Arab Emirates.

Analysts believe that the proceeds from these Bitcoin sales are likely being allocated to major national infrastructure projects. One of the key initiatives is the Gelephu Mindfulness City, designed as a special administrative zone.

Previously, the government had planned to allocate up to 10,000 BTC for the project. However, the current pace of liquidation indicates that funds from these reserves are already being used to support the early stages of development.