This month, Bhutan has initiated the transfer of around USD 120 million in Bitcoin (BTC), with the final transfer being 519.7 Bitcoins, valued at USD 36.75 million, sent on March 25th, 2026, to a wallet linked to QCP Capital, a Singapore-based trading company. The transactions have brought attention to this Himalayan Kingdom’s crypto strategy.
Bitcoin Mining and Reserve Strategy of Bhutan
Bhutan began mining Bitcoin in 2018 using its significant hydropower resources (the extensive power generated from rivers that are fed from glaciers in the Himalayas) between June and September, generating more electricity than the nation’s domestic consumption requires. According to Ujjwal Deep Dahal, the Chief Executive Officer of Druk Holdings, he sees Bitcoin “as a battery” used to store the value of excess energy and retrieve that stored energy value during the dry seasons when they require extra energy (used for their consumption, not as a trade).
The crypto push emerged during difficult economic times in the country. Tourism (which is the second largest source of revenue for the Bhutanese government), Youth unemployment rate in Bhutan has increased along with the uncertainty surrounding it, and negatively impacted approximately 10% of the 750,000 residents, resulting in many of them looking for job opportunities abroad. According to the Macroeconomic Situation Report 2025, issued by the Royal Government of Bhutan Ministry of Finance, the youth unemployment reached about 17,9%, slightly higher than previous quarters’ projections.
Why This Bitcoin Selloff Matters?
This sale of Bitcoin by the government of Bhutan is one of the very first large-scale sales by a country that has mined its own reserves of Bitcoin instead of buying them. The sale through QCP Capital also indicates that Bhutan intended to use an over-the-counter (OTC) sales method in order to reduce the impact on the market when selling these Bitcoins.
Bitcoin (BTC) Price
In the meantime, the BTC price is 1.6% down in a 24-hour period. Trading at USD 70,020 at the time of writing, but still maintaining recent levels. For some, its price may have hit its lowest price already (at USD 60K), hoping the next move could be up. This month only, the market saw over USD 1,6 billion inflows into Bitcoin Exchange-Traded Funds (ETFs), showing a growing confidence, especially with big investors coming back.
