Bhutan moves $11M in Bitcoin as Arkham flags fresh sovereign transfer

Bhutan has transferred roughly $11 million worth of Bitcoin from wallets linked to its sovereign holdings, according to blockchain analytics firm Arkham Intelligence.

Summary

• Bhutan moved about $11 million in Bitcoin, according to Arkham Intelligence on-chain data.
• The transfer follows a $7 million BTC sale through QCP Capital roughly a month earlier.
• Bhutan typically sells $5M–$10M BTC clips, maintaining a structured treasury management strategy.

Arkham flagged the movement in a recent post on X, stating that Bhutan moved the funds out of its main holding addresses, continuing a pattern of periodic transfers tied to the country’s crypto treasury activity.

The analytics platform noted that the last similar transfer occurred about a month ago, when Bhutan sold approximately $7 million worth of Bitcoin (BTC) through QCP Capital, a digital asset trading firm often used by institutional market participants.

Arkham also observed that Bhutan typically sells portions of its Bitcoin holdings in smaller clips ranging from $5 million to $10 million, rather than executing large single liquidations. The firm previously identified a particularly heavy period of selling activity between mid and late September 2025.

The latest movement continues a broader pattern of on-chain activity from Bhutan-linked wallets that has drawn attention across crypto markets.

Despite these periodic sales, Bhutan remains one of the largest sovereign Bitcoin holders. Arkham-tracked wallets show the country still holding around 5,600 BTC, valued at hundreds of millions of dollars.

Bhutan’s Bitcoin reserves largely originate from state-backed mining operations powered by hydroelectric energy, which have allowed the Himalayan kingdom to accumulate a sizable digital asset treasury in recent years.