Bhutan Moves Another $37M in Bitcoin, Marking Third Large March Transfer
Bhutan has shifted about 519.7 BTC—roughly $36.7 million—in its third sizable Bitcoin transfer this month, according to on-chain data tracked by Arkham.
The government-linked wallet sent the funds to two addresses on Wednesday. Onchain Lens said one of the receiving wallets appears to be associated with trading firm QCP Capital.
The latest movement follows two earlier March transactions, including a smaller transfer valued near $11.8 million on March 9. Combined, the three March transfers amount to well over $120 million in Bitcoin moved out of the Bhutan-tagged wallet over a single month.
March activity has accelerated compared with February, when just over 284 BTC was moved from the same wallet. The address now holds 4,453 BTC, worth about $315 million—down sharply from more than 13,000 BTC held in October 2024.
Year-to-date Bitcoin sales tied to Bhutan’s state-linked holdings have now surpassed $110 million.
Arkham data dated March 12 ranked Bhutan as the world's fifth-largest sovereign-level Bitcoin holder, behind the U.S. government, the U.K. government, El Salvador, and the United Arab Emirates' Royal Group.
Bhutan's Bitcoin position was built primarily through mining rather than open-market purchases. The stash is widely attributed to operations powered by surplus hydroelectric capacity, with early wallet activity traced to mining pools such as AntPool and first on-chain activity dating to around February 2021. Bhutan was among the first countries to adopt state-backed Bitcoin mining, leveraging low-cost hydro power from glacial river systems and building additional hydro plants to support the program.
In May 2023, Bhutan's sovereign wealth fund, Druk Holding and Investments, announced a $500 million partnership with Bitdeer to further expand mining. Holdings peaked above 13,000 BTC—about $1.4 billion at the time—in October 2024 before the current drawdown.
In December 2025, Bhutan said it would tap its Bitcoin holdings to help finance development of its special administrative region, the Gelephu Mindfulness City, under the country's National Bitcoin Development Pledge.
Analysts have described the recent transfers as part of a systematic 'clip' approach, moving tranches of roughly $5 million to $10 million in structured sequences rather than executing a single block sale. Between March 17 and 18, six transactions were used to move about $72 million.
With 4,453 BTC still held—valued near $315 million—Bhutan remains among the largest country-level Bitcoin holders despite this year's sales.
