Bhutan transferred about 519.7 BTC (roughly $36.7 million) from a government-linked wallet on Wednesday, continuing a drawdown that began in March, according to Arkham data. The funds were routed to two destination wallets, and Onchain Lens reported that one of those addresses is associated with trading firm QCP Capital.
This is the third sizable outbound movement from the wallet in March. Earlier in the month the wallet sent the equivalent of about $72 million across six transactions in the 24 hours before March 18, and it moved roughly $11.8 million on March 9. The March outflows follow a February transfer of just over 284 BTC. Arkham’s data show the wallet currently holds 4,453 BTC (around $315 million), down from more than 13,000 BTC in October 2024.
As of March 12, Arkham ranked Bhutan as the fifth-largest country by Bitcoin holdings, behind the U.S. government, the U.K. government, El Salvador, and the United Arab Emirates Royal Group.
Bhutan has been active in Bitcoin mining since 2019, developing hydroelectric power capacity to provide low-cost, renewable energy for mining operations. In May 2023, the sovereign wealth fund Druk Holding and Investments (DHI) announced a $500 million partnership with Bitdeer to expand sustainable Bitcoin mining. In December 2025, Bhutan said it would draw on BTC reserves to help fund the Gelephu Mindfulness City (GMC), a special administrative region connected to the national Bitcoin Development Pledge. On Jan. 8, 2026, GMC disclosed plans to establish a strategic cryptocurrency reserve that would include Bitcoin, Ether (ETH) and BNB.
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