On February 12, 2026, the Royal Government of Bhutan continued its systematic approach to digital asset management by transferring 100 BTC to a centralized trading platform. Valued at approximately $6.77 million at the time of the transaction, this move was flagged by on-chain monitoring tools as a deposit to QCP Capital, specifically through a Wrapped Bitcoin (WBTC) merchant address. The transaction was recorded at 10:51:36 UTC, marking a significant moment in the third consecutive week of selling activity from the Himalayan nation’s sovereign treasury.
While many nations are just beginning to explore digital reserves, Bhutan has established itself as a major player, often drawing comparisons to the top public companies holding BTC in 2026 due to its substantial and transparent on-chain activity.
BHUTAN JUST SOLD $6.7 MILLION BTC
Bhutan has been selling Bitcoin every week for the past 3 weeks. pic.twitter.com/cLL3fb2Ckh
— Arkham (@arkham) February 13, 2026
The technical data behind this transfer reveals a highly calculated fiscal strategy. Rather than offloading large volumes in a single market-disrupting event, Bhutan has opted for a tiered liquidation process. Over the last 21 days, the government has moved varying amounts including a 184 BTC transfer last week and a 100.8 BTC transfer the week prior. By routing these assets through QCP Capital, a prominent institutional trading firm, the government likely utilizes Over-The-Counter (OTC) desks to convert its digital holdings into liquid fiat currency while minimizing slippage and market volatility.
Despite this recent outflow, Bhutan’s remaining portfolio remains one of the largest state-held Bitcoin reserves in the world. Following the latest $6.7 million sale, the government still retains approximately 5,600 BTC, representing a total market value of roughly $371.57 million. These assets, managed primarily through Druk Holding & Investments (DHI), are largely the result of a national green-energy mining initiative powered by the country’s vast hydroelectric resources.
The consistent selling pattern observed in February 2026 suggests that the government is currently in a “profit-taking” phase, potentially to fund domestic infrastructure projects or to bolster national foreign exchange reserves. By liquidating at the current price levels, Bhutan is successfully turning its “mined” digital equity into tangible capital, further proving its capability as a sophisticated actor in the global digital economy. The world now watches the remaining 5.6K BTC to see if this weekly trend persists or if the nation is reaching a targeted liquidity threshold.
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