Bhutan Government Sells Rp2.03 Trillion in Bitcoin Since Early 2026

The Bhutanese government has reportedly sold around US$120 million, or approximately Rp2.03 trillion, in Bitcoin since the beginning of 2026. This move accelerates a divestment strategy that has slashed more than 60% of the country’s digital asset reserves from their peak position.

Citing Yahoo Finance on Monday (30/3/2026), data from Arkham Intelligence shows the latest transaction occurred on 27 March, when the government transferred 123.7 BTC worth about US$8.5 million to a previously unused address. This movement happened just 48 hours after Bhutan sold 519.7 BTC valued at around US$36.75 million.

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

The 2026 selling actions mark a significant change in the strategy of Bhutan’s sovereign wealth fund, Druk Holding and Investments. Previously, sales were conducted sporadically; now, the activity appears more structured and programmatic.

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

Unlike many other countries that acquire Bitcoin from seized criminal assets, Bhutan built its reserves through a state-supported mining programme since 2019. By leveraging excess hydroelectric energy from glacial rivers, the country once amassed up to 13,000 BTC.

However, consistent sales over the past two years have reduced that holding to about 4,300 BTC, valued at nearly US$300 million. Nevertheless, Bhutan is still listed as the seventh-largest Bitcoin holder in the world, behind the United States, China, the United Kingdom, El Salvador, and the United Arab Emirates.

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

The government previously planned to allocate up to 10,000 BTC for that project. However, the current liquidation rate indicates that funds from the reserves are beginning to be used to support the initial stages of construction.