According to on-chain data platform Arkham Intelligence tracking, after selling $6.8 million worth of Bitcoin to QCP Capital last month, the Government of Bhutan moved again on Monday, transferring 175 Bitcoins valued at approximately $11.85 million.
According to Arkham Intelligence statistics, the Bhutanese government has transferred out about $42.5 million worth of Bitcoin so far this year. Despite multiple recent transfers, Bhutan remains one of the few sovereign nations holding a large amount of Bitcoin, currently holding 5,400 BTC worth about $374 million, managed by the Bhutanese sovereign wealth fund Druk Holding & Investments (DHI).
Arkham Intelligence states: “Bhutan regularly sells part of its Bitcoin holdings, with each sale ranging between $5 million and $10 million.”
BHUTAN IS SELLING BITCOIN pic.twitter.com/lrYWlaHhZU
— Arkham (@arkham) March 9, 2026
However, compared to the major move last July, the recent transfers are relatively small. At that time, Bhutan transferred over 510 Bitcoins in just 4 days, worth about $62 million; after that asset transfer, Bhutan still held more than 11,000 BTC (worth around $1.4 billion at the time), accounting for over 40% of the country’s GDP.
Since July last year, Bitcoin has fallen from $119,000 to around $69,000, reflecting that the sovereign fund has had to face the reality of asset devaluation during the market correction, leading to a more cautious approach to cashing out.
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