Bhutan Continues to Unload Bitcoin Reserves at a Rapid Pace

The Royal Government of Bhutan has continued to sell its bitcoin reserves, transferring a significant amount of cryptocurrency to two wallets on Wednesday.

According to onchain data from Arkham Intelligence, the government transferred 519.7 BTC worth roughly $36.75 million to two wallets, with one of them linked to trading firm QCP Capital. This move is part of a string of recent outflows, with the government holding onto 4,453 BTC valued at around $315.89 million.

The pace of selling has picked up considerably, with Druk Holding sending roughly $72 million in bitcoin last week and nearly $12 million earlier this month. This raises questions about the government's long-term bitcoin strategy, particularly given that the price of bitcoin remains down over 40% from its record high near $124,900 set in October 2025.