Bhutan’s Bitcoin Bonanza: From Mindfulness to Market Madness

Markets

What to know:

Bhutan’s Bitcoin reserves are vanishing faster than a yeti in a snowstorm. The Royal Government-yes, they have one, and it’s delightful-moved 519.707 BTC (worth $36.75 million) on Wednesday, according to Arkham Intelligence. That’s just the latest in a series of transfers that have seen $152 million exit their digital wallet this year. Someone’s clearly decided mindfulness doesn’t pay the bills.

The week before Wednesday’s move was particularly frenzied, with $72 million in transfers in just seven days. The highlight? A 595.848 BTC transfer worth $44.44 million-the largest single move of the year. That’s a lot of butter lamps.

In January and February, Bhutan was playing it cool with $5-15 million clips. But March? March was like a Bitcoin fire sale, with transfers jumping to $35-45 million. QCP Capital has been the lucky recipient of three transfers totaling $16.6 million. Either Bhutan really trusts them, or they’re just really good at answering the phone.

Bhutan’s Bitcoin journey began with a peak of 13,000 BTC in late 2024, mined using their abundant hydroelectric power. Every coin sold is pure profit, which is great for a country whose economy relies heavily on selling electricity to India. But at this rate, they might need to start exporting something else-like, I don’t know, happiness?

The drawdown started after October 2024 and has been as steep as a Himalayan mountain path. Current holdings are down to 4,453 BTC, worth $315 million. That’s a 66% drop from the peak, thanks to both selling and Bitcoin’s price tumble from $119,000 to $70,000. Ouch.

Remember that grand pledge in December to commit 10,000 BTC to the Gelephu Mindfulness City? Well, that was worth $860 million then. Now, with fewer than 4,500 BTC left, the math just doesn’t add up. Unless Bhutan’s planning to sell the city itself, this pledge is about as realistic as a snow leopard in a business suit.

CoinDesk has reached out to Druk Holding & Investments for comment. We’re waiting with bated breath-and a cup of Bhutanese tea.

Read More

• Gold Rate Forecast
• Dune 3 Gets the Huge Update Fans Have Been Waiting For
• Arknights: Endfield – Everything You Need to Know Before You Jump In
• Jack Osbourne Shares Heartbreaking Tribute to Late Dad Ozzy Osbourne
• Disney Promotes Thomas Mazloum To Lead Parks and Experiences Division As Josh D’Amaro Prepares To Become CEO
• Hazbin Hotel Secretly Suggests Vox Helped Create One of the Most Infamous Cults in History
• 22 actors who were almost James Bond – and why they missed out on playing 007
• Dungeon Stalkers to end service on June 9
• Looks Like SEGA Is Reheating PS5, PS4 Fan Favourite Sonic Frontiers in Definitive Edition
• 5 Weakest Akatsuki Members in Naruto, Ranked

2026-03-26 08:08