The Royal Government of Bhutan has recently continued to transfer a portion of its Bitcoin holdings, estimated at nearly $37 million, according to on-chain data.
Specifically, data from Arkham Intelligence shows that Bhutan transferred 519.7 BTC (approximately $36.75 million) to two wallets, one of which is linked to the trading firm QCP Capital.
After this transaction, Bhutan’s government still holds 4,453 BTC, valued at around $315.89 million. All of these Bitcoin assets are managed by Druk Holding and Investments Ltd., the country’s sovereign investment fund.
The specific reason for the most recent transfer remains unclear. However, transactions involving transfers to trading companies or wallets associated with exchanges are often seen as signals of potential selling activity. The Block reported that they contacted Druk Holding for comment on this transaction.
Notably, Druk Holding has recently engaged in large-scale Bitcoin transactions, including a transfer worth $72 million last week and nearly $12 million earlier this month.
Historically, Bhutan accumulated Bitcoin mainly through mining activities utilizing abundant domestic hydropower. At its peak in October 2024, the country held over 13,000 BTC. However, there are many rumors that the government may have ceased mining operations, as the most recent Bitcoin inflow exceeding $100,000 occurred over a year ago, according to Arkham data.
Meanwhile, Bitcoin’s price has increased by 1.3% in the past 24 hours, trading around $71,094 at the time of writing. Nonetheless, the world’s largest digital asset remains over 40% below its all-time high of nearly $124,900 set in October 2025.
Shach Sanh
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