Bhutan moved more Bitcoin from its state-linked wallet on Wednesday, extending a March drawdown in its sovereign holdings.
Arkham data showed a Bhutan government-linked wallet transferred about 519.7 BTC, worth roughly $36.7 million, to two wallets on Wednesday. Onchain Lens said one of the destination wallets was linked to trading firm QCP Capital.
The move marked the Bhutan-tagged wallet’s third large Bitcoin transfer in March, following the $72 million moved in six separate transactions in the 24 hours leading up to March 18, and the $11.8 million moved on March 9.
The latest transfer adds to a heavier March outflow pattern after Bhutan moved just over 284 BTC in February. The wallet still holds 4,453 BTC worth around $315 million, down from over 13,000 BTC in October 2024, according to Arkham.
As of March 12, Bhutan was the fifth-largest country by Bitcoin holdings, behind the US government, the United Kingdom’s government, El Salvador, and the United Arab Emirates Royal Group, according to a report by Arkham.
Related: Bhutan deepens green Bitcoin strategy with Cumberland-backed infrastructure
Bhutan leverages Bitcoin mining to support its economic growth
Bhutan was among the earliest countries to adopt Bitcoin mining in 2019 and has since constructed multiple hydroelectric power plants along its glacial rivers to harness cheap hydroelectric power.
In May 2023, Bhutan’s sovereign wealth fund, Druk Holding and Investments, announced a $500 million partnership with Bitdeer to expand its Bitcoin mining operations.
In December 2025, Bhutan said it will tap into BTC from its stash to help build its special administrative region, the Gelephu Mindfulness City (GMC). The initiative is part of the wider national Bitcoin Development Pledge, which aims to support Bhutan’s long-term economic development through its Bitcoin holdings and mining operations.
On Jan. 8, 2026, Bhutan’s GMC revealed plans to set up a strategic cryptocurrency reserve comprising major tokens, including Bitcoin, Ether (ETH) and BNB (BNB).
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