Arkham data reveals that this Wednesday, the Bhutanese government has once again moved a significant amount of Bitcoin from its state holdings. The wallet linked to the Asian nation transferred approximately 519.7 BTC, with an estimated value of $36.7 million, to two separate addresses. This movement, detected by Onchain Lens, directed a portion of the funds to a wallet linked to the trading firm QCP Capital, marking the third high-volume transfer by the Bhutanese government so far in March.
The Royal Government of Bhutan moved 519.7 $BTC worth $36.75M to 2 wallets and 1 linked to QCP Capital.https://t.co/hiGpK3qhfy pic.twitter.com/8vdGkWoSKx
— Onchain Lens (@OnchainLens) March 25, 2026
This outflow intensifies the pattern observed throughout the month, during which Bhutan had already moved $72 million across six previous transactions, followed by another $11.8 million on March 9. Despite these strategic sales, the country—which remains the fifth-largest sovereign holder of Bitcoin—still maintains a substantial balance of 4,453 BTC, valued at approximately $315 million. This figure is down from the more than 13,000 BTC it held in October 2024, evidencing active management of its crypto portfolio.
Bhutan utilizes Bitcoin mining, powered by cheap hydroelectric energy, to foster its economic growth. The nation has announced plans to use a portion of its BTC holdings for the construction of its special administrative zone, the Gelephu Mindfulness City (GMC), and to establish a strategic cryptocurrency reserve, demonstrating a deep integration of digital assets into its long-term national development strategy.
Source:https://intel.arkm.com/explorer/entity/druk-holding-investments
Source:https://x.com/OnchainLens/status/2036652582631039408
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