Pledge

2024

United

Bitcoin

Arkham

<h2 id="key-takeaways">Key Takeaways</h2>
<ul>
 <li>Bhutan’s state-owned investment arm, Druk Holding and Investments, transferred 519.707 BTC worth approximately $36.75 million to external addresses.</li>
 <li>Total 2026 outflows from Bhutan’s Bitcoin treasury have now exceeded $152 million, with holdings falling from nearly 13,000 BTC in late 2024 to approximately 4,453 BTC, a 66% reduction.</li>
 <li>Bhutan’s earlier pledge to allocate up to 10,000 <a href="https://coinstats.app/coins/bitcoin/" rel="noopener noreferrer nofollow">BTC</a> toward the Gelephu Mindfulness City project now faces significant headwinds.</li>
</ul>
<p>The Royal Government of Bhutan moved another batch of Bitcoin from its sovereign treasury, transferring 519.707 BTC worth approximately $36.75 million to external wallets on Wednesday. The transaction spotted by <a href="https://intel.arkm.com/explorer/entity/druk-holding-investments" rel="noopener noreferrer nofollow">Arkham Intelligence</a> marks Bhutan’s third major Bitcoin movement in March alone and continues a pattern of steady, institutional-grade liquidations that has defined the kingdom’s crypto strategy in 2026.</p>
<h2 id="a-quietly-depleting-holdings">A Quietly Depleting Holdings</h2>
<p>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.</p>
<p>The March activity has been the most intense yet. The latest 519.707 BTC transfer marks the wallet’s third large Bitcoin transaction in March, following $72 million moved in six separate transactions in the 24 hours leading up to March 18, and $11.8 million moved on March 9.</p>
<h2 id="how-bhutan-built-its-treasury">How Bhutan Built Its Treasury</h2>
<p>Bhutan accumulated its cryptocurrency portfolio through government-operated hydroelectric mining facilities. Utilizing excess energy from hydropower plants meant mining costs were essentially negligible. Each <a href="https://coinstats.app/coins/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> sold represents nearly pure revenue for the state. The nation’s Bitcoin treasury reached its peak at approximately 13,000 BTC during late 2024.</p>
<p>As of March 12, Bhutan was the fifth-largest country by Bitcoin holdings, behind the US government, the United Kingdom’s government, El Salvador, and the United Arab Emirates Royal Group.</p>
<h2 id="the-gelephu-pledge-under-pressure">The Gelephu Pledge Under Pressure</h2>
<p>In December 2025, Bhutan unveiled a Bitcoin Development Pledge, committing up to 10,000 BTC to fund the Gelephu Mindfulness City, an ambitious special administrative region project. On January 8, 2026, the project announced plans to establish a strategic cryptocurrency reserve including Bitcoin, <a href="https://coinstats.app/coins/ethereum/" rel="noopener noreferrer nofollow">Ether</a>, and <a href="https://coinstats.app/coins/binance-coin/" rel="noopener noreferrer nofollow">BNB</a>, signalling a diversified approach to digital assets within Bhutan’s long-term economic planning. With current holdings sitting well below 5,000 <a href="https://coinstats.app/coins/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>, that original commitment faces significant headwinds.</p>
<p>Druk Holding and Investments has not issued a public statement about the transfers. That silence is consistent with how the kingdom has handled its entire Bitcoin program. With <a href="https://coinstats.app/coins/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> navigating geopolitical-driven volatility <a href="https://coinremark.com/bitcoin-and-the-iran-conflict-should-investors-sell-or-stay-the-course/" rel="noopener noreferrer nofollow">this week</a> and a $3 billion long liquidation risk still active below $65,000, Bhutan’s steady offloading adds another layer of sell-side pressure that the market is quietly absorbing.</p>
<p>This article was originally published as <a href="https://www.cryptobreaking.com/bhutan-shifts-519-707-btc/?utm_source=rss&amp;utm_medium=syndication&amp;utm_campaign=article_footer" rel="noopener noreferrer nofollow">Bhutan Shifts 519.707 BTC Worth $36.8M to External Addresses as Holdings Drop 66% from Peak</a> on <a href="https://www.cryptobreaking.com/?utm_source=rss&amp;utm_medium=syndication&amp;utm_campaign=article_footer" rel="noopener noreferrer nofollow">Crypto Breaking News</a> – your trusted source for crypto news, Bitcoin news, and blockchain updates.</p>

Bhutan Shifts 519.707 BTC Worth $36.8M to External Addresses as Holdings Drop 66% from Peak

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