Bhutan moved roughly 519.7 BTC (about $36.7 million) from a government-linked wallet on Wednesday, extending a drawdown that began in March, Arkham data shows. The funds were sent to two destination wallets; Onchain Lens reported one of those destinations is linked to trading firm QCP Capital.
This transfer is the third large outbound movement from the Bhutan-tagged wallet in March. Earlier in the month the wallet sent about $72 million in six transactions in the 24 hours before March 18, and $11.8 million on March 9. The March outflows follow a February movement of just over 284 BTC. According to Arkham, the wallet now 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, trailing the U.S. government, the U.K. government, El Salvador, and the United Arab Emirates Royal Group.
Bhutan has pursued Bitcoin mining since 2019, building hydroelectric power plants to supply low-cost, renewable energy for operations. In May 2023, 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 tap BTC from its reserves to help build the Gelephu Mindfulness City (GMC), a special administrative region tied to the national Bitcoin Development Pledge. On Jan. 8, 2026, GMC revealed plans to create a strategic cryptocurrency reserve including Bitcoin, Ether (ETH) and BNB.
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