Bhutan Transfers Additional $37M Worth of Bitcoin, Reducing State Holdings
The Himalayan kingdom transferred 519 Bitcoin from its government-controlled wallet in March, continuing a reduction pattern that has decreased its holdings significantly from previous year's levels.
On Wednesday, Bhutan executed another significant Bitcoin transfer from its government-associated digital wallet, continuing a trend of declining sovereign cryptocurrency reserves throughout March.
According to information from Arkham, a wallet connected to the Bhutanese government transferred approximately 519.7 BTC on Wednesday, representing a value of about $36.7 million, distributed across two separate wallets. Onchain Lens reported that one of the receiving wallets had ties to QCP Capital, a cryptocurrency trading firm.
This transaction represents the third substantial Bitcoin movement from the Bhutan-associated wallet during March, coming after $72 million was transferred through six distinct transactions in the day prior to March 18, and an additional $11.8 million that was moved on March 9.
The most recent transfer contributes to an intensified outflow pattern observed in March, particularly when compared to February's activity when Bhutan transferred just above 284 BTC. The wallet currently maintains a balance of 4,453 BTC valued at approximately $315 million, representing a significant decline from the more than 13,000 BTC held in October 2024, based on Arkham's data.
According to an Arkham report dated March 12, Bhutan held the position of fifth-largest nation in terms of Bitcoin holdings, trailing behind the US government, the United Kingdom's government, El Salvador, and the United Arab Emirates Royal Group.
Bhutan leverages Bitcoin mining to support its economic growth
The Himalayan kingdom stands among the pioneering nations that embraced Bitcoin mining operations, beginning its journey in 2019, and has subsequently developed several hydroelectric power facilities along its glacier-fed rivers to capitalize on affordable hydroelectric energy.
During May 2023, Druk Holding and Investments, which serves as Bhutan's sovereign wealth fund, made public a $500 million collaborative agreement with Bitdeer aimed at scaling up its Bitcoin mining infrastructure.
In December 2025, the Bhutanese government announced plans to utilize BTC from its cryptocurrency reserves to facilitate the construction of its special administrative region known as the Gelephu Mindfulness City (GMC). This project forms part of the broader national Bitcoin Development Pledge initiative, designed to leverage Bhutan's Bitcoin holdings and mining activities to foster the country's sustained economic advancement.
On Jan. 8, 2026, Bhutan's GMC disclosed its intention to establish a strategic cryptocurrency reserve consisting of leading digital tokens, including Bitcoin, Ether (ETH) and BNB (BNB).