Bhutan's Bitcoin Sell-Offs Reach Record High

Bhutan, a small country with less than one million people, has been consistently selling its Bitcoin holdings. According to data from Arkham Intelligence, the country's stack was worth almost $1.5 billion at its peak in 2025.

The government-sponsored mining operation had accumulated thousands of coins over time, reaching 13,000 BTC back in 2024. However, with the price rising above $100,000, Bhutan began to reduce its BTC holdings gradually.

Initially, the country moved slowly by sending USDT balances to the Binance crypto exchange. But then it started to trim its Bitcoin holdings, selling off millions of dollars' worth of coins at a time.

In 2025, the government sold off BTC in stacks worth between $1 million and $5 million at the start of the year. However, there has been a major shift in the sell-off volumes in March, with the country moving hundreds of BTC in single transactions.

Some notable transactions include 175 BTC worth $11.86 million that was moved on March 9 and 595.84 BTC worth $44.44 million that was moved out on March 18. These moves have brought Bhutan's Bitcoin holdings down to 4,453 BTC, meaning the country has sold around 8,547 BTC since its peak.

Most transfers from Bhutan went to Binance, reaching over $100 million sent to the crypto exchange. However, one interesting name has popped up this year - QCP Capital, a digital asset trading firm based in Singapore. It appears that QCP Capital is facilitating the BTC sell-offs for the country, handling around $16 million in BTC so far.