Bhutan Transfers $37M in Bitcoin as Sales Activity Rises

TLDR

• Bhutan moved 519.7 BTC worth about $36.75 million to two wallets, including one linked to QCP Capital.
• Arkham Intelligence tracked the transaction and reported the wallet movements through onchain data.
• Bhutan now holds 4,453 BTC valued at about $315.89 million after the latest transfer.
• Druk Holding and Investments Ltd. manages the country’s bitcoin reserves as its sovereign wealth fund.
• Druk Holding completed a $72 million bitcoin transfer last week and a nearly $12 million transfer earlier this month.

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Bhutan has transferred nearly $37 million worth of bitcoin, according to onchain data from Arkham Intelligence. The government moved 519.7 BTC to two wallets, including one linked to QCP Capital. The transfer follows earlier transactions and reduces Bhutan’s total bitcoin holdings to 4,453 BTC.

Bhutan moves 519.7 BTC to trading-linked wallets

Arkham Intelligence recorded that Bhutan sent 519.7 BTC valued at about $36.75 million to two separate wallets. One of the receiving addresses links to trading firm QCP Capital, based on Arkham’s wallet tagging. The data shows the transfers occurred in a single sequence and cleared within standard network confirmation times.

Following the transaction, Bhutan now holds 4,453 BTC worth about $315.89 million at current prices. Druk Holding and Investments Ltd. manages these assets on behalf of the government.

Onchain movements to trading-linked wallets often precede potential asset sales. However, the government has not confirmed the purpose of the latest transaction. Arkham published the wallet activity data earlier this week through its monitoring dashboard.

Druk Holding oversees bitcoin strategy as mining inflows slow

Druk Holding and Investments Ltd. acts as Bhutan’s sovereign wealth fund and oversees its digital asset holdings. The fund accumulated bitcoin through mining operations powered by the country’s hydropower resources. Bhutan once held more than 13,000 BTC at its peak in October 2024.

Recent data suggests that Bhutan has reduced its bitcoin balance over the past year. Arkham stated that Bhutan’s last bitcoin inflow exceeding $100,000 occurred more than a year ago. This timeline has led to questions about whether the government continues active mining operations.

Druk Holding executed a $72 million bitcoin transfer last week. Earlier this month, it moved nearly $12 million worth of bitcoin in another transaction. These transfers follow a series of wallet movements that reduced total holdings from prior levels.

Bitcoin traded at $71,094 at the time of writing. The cryptocurrency gained 1.3% over the past 24 hours. However, bitcoin remains down more than 40% from its record high near $124,900 reached in October 2025.

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