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The Kingdom of Bhutan moved $37 million worth of Bitcoin over the past 24 hours, as it continues to offload portions of its holdings.
On-chain data tracked by Arkham Intelligence shows that Bhutan-linked wallets transferred 519.7 BTC— valued at about $36.75 million—to two fresh addresses, including one associated with the known trading firm QCP Capital.
While the precise motive behind the latest transfer is unclear, moves to trading firms or exchange-linked wallets are typically seen as a signal that a sale may be imminent.
Druk Holding and Investments (DHI), a state-owned investment company that manages the country’s Bitcoin mining operations and crypto investments, has carried out several Bitcoin transfers in recent weeks, including a $72.3 million transaction last week and another worth nearly $12 million earlier this month.
Bhutan has embraced a national Bitcoin development strategy aimed at supporting long-term economic growth through its holdings and mining activities. In December, the country announced plans to deploy 10,000 BTC from its reserves to help fund the development of the Gelephu Mindfulness City (GMC), a planned special administrative region.
 
After the latest transfer, the Bhutanese government now holds 4,453 BTC, worth approximately $315.89 million.
Historically, Bhutan quietly built its Bitcoin reserves through state-backed mining operations fueled by the country’s abundant hydropower, peaking at over 13,000 BTC in October 2024. According to Arkham, wallet addresses controlled by Bhutan have not received BTC inflows exceeding $100 million in over a year, fueling speculation that the nation may have scaled back or halted its mining operations.
Meanwhile, Bitcoin was trading hands at $71,167 as of press time, up 0.4% on the day, per CoinGecko data. This surge comes amid reports that the U.S. drafted a 15‑point plan aimed at ending the Iran conflict and delivered it to Tehran through Pakistan as part of renewed diplomatic efforts to secure a ceasefire— a move that has helped calm markets, ease inflation pressures, and lift risk assets globally as oil prices retreated and equities rallied. Still, the premier crypto remains down around 43.6% from its all-time high of $126,080 registered in October 2025.