Bhutan transferred more Bitcoin from a state-linked wallet on Wednesday, continuing a broader March drawdown in its sovereign holdings.
Data from Arkham shows that a government-associated wallet moved around 519.7 BTC — worth roughly $36.7 million — to two separate addresses. Onchain Lens noted that one of the recipient wallets is linked to trading firm QCP Capital.
This marks the third major Bitcoin transfer from the Bhutan-tagged wallet this month, following $72 million moved across six transactions in the 24 hours before March 18 and another $11.8 million transfer on March 9.
The latest movement adds to a heavier outflow trend in March, compared with just over 284 BTC moved in February. Despite the recent transfers, the wallet still holds 4,453 BTC valued at approximately $315 million, down from more than 13,000 BTC in October 2024, according to Arkham.
As of March 12, Bhutan ranked as the fifth-largest sovereign holder of Bitcoin, trailing only the United States, the United Kingdom, El Salvador, and the United Arab Emirates’ Royal Group, according to an Arkham report.
Bhutan uses Bitcoin mining to drive economic growth
Bhutan was among the early adopters of Bitcoin mining, beginning in 2019, and has since developed multiple hydroelectric projects along its glacial rivers to take advantage of low-cost renewable energy.
In May 2023, its sovereign wealth fund, Druk Holding and Investments, partnered with Bitdeer in a $500 million deal to expand the country’s mining operations.
By December 2025, Bhutan announced plans to tap into its Bitcoin reserves to help fund the development of the Gelephu Mindfulness City (GMC), part of a broader national Bitcoin Development Pledge aimed at supporting long-term economic growth through its crypto holdings and mining sector.
On Jan. 8, 2026, the GMC unveiled plans to establish a strategic cryptocurrency reserve that includes major assets such as Bitcoin, Ether (ETH), and BNB.
