Bhutan moved more Bitcoin from its state-linked wallet on Wednesday, extending a March drawdown in its sovereign holdings.
Arkham information revealed a Bhutan government-linked wallet moved about 519.7 BTC, worth approximately $36.7 million, to 2 wallets on Wednesday. Onchain Lens stated among the location wallets was connected to trading company QCP Capital.
The relocation marked the Bhutan-tagged wallet’s 3rd big Bitcoin transfer in March, following the $72 million relocated 6 different deals in the 24 hr leading up to March 18, and the $11.8 million carried on March 9.
The current transfer contributes to a much heavier March outflow pattern after Bhutan moved simply over 284 BTC in February. The wallet still holds 4,453 BTC worth around $315 million, below over 13,000 BTC in October 2024, according to Arkham.
Since March 12, Bhutan was the fifth-largest nation by Bitcoin holdings, behind the United States federal government, the UK’s federal government, El Salvador, and the United Arab Emirates Royal Group, according to a report by Arkham.
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Bhutan leverages Bitcoin mining to support its financial development
Bhutan was amongst the earliest nations to embrace Bitcoin mining in 2019 and has actually given that built several hydroelectric power plants along its glacial rivers to harness low-cost hydroelectric power.
In Might 2023, Bhutan’s sovereign wealth fund, Druk Holding and Investments, revealed a $500 million collaboration with Bitdeer to broaden its Bitcoin mining operations.
In December 2025, Bhutan stated it will use BTC from its stash to assist construct its unique administrative area, the Gelephu Mindfulness City (GMC). The effort becomes part of the larger nationwide Bitcoin Advancement Promise, which intends to support Bhutan’s long-lasting financial advancement through its Bitcoin holdings and mining operations.
On Jan. 8, 2026, Bhutan’s GMC exposed strategies to establish a tactical cryptocurrency reserve consisting of significant tokens, consisting of Bitcoin, Ether ( ETH) and BNB ( BNB).
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