Bhutan Offloads $37M Bitcoin, Records Third Major Transfer This Month

Key Insights

• Bhutan offloaded $37M Bitcoin in its third large transfer of March.
• The country’s state-linked wallet now holds 4,453 BTC worth approximately $315 million.
• Total Bitcoin sales from Bhutan’s sovereign holdings have exceeded $110 million.

Bhutan offloaded $37M Bitcoin in its third large transfer of the month. On-chain data from Arkham shows a Bhutan government-linked wallet transferred approximately 519.7 BTC, worth roughly $36.7 million, to two wallets on Wednesday.

On-chain analytics account Onchain Lens identified one of the destination wallets as linked to trading firm QCP Capital. The transfer followed two earlier March movements.

A smaller transfer of $11.8 million occurred on March 9. The three transactions together represent well over $120 million in Bitcoin moved out of the Bhutan-tagged wallet within a single month.

Bhutan Offloads $37M Bitcoin as March Drawdown Ramps Up

The scale of March activity stands in contrast to February, when Bhutan moved just over 284 BTC from the same wallet.

The wallet now holds 4,453 BTC worth around $315 million, a steep drop from the more than 13,000 BTC it held in October 2024. Year-to-date Bitcoin sales from Bhutan’s state-linked holdings have now exceeded $110 million.

Arkham data as of March 12 placed Bhutan as the fifth-largest country holder of Bitcoin globally, behind the US government, the United Kingdom’s government, El Salvador, and the United Arab Emirates Royal Group.

How Bhutan Built Its Bitcoin Stockpile

Bhutan’s Bitcoin holdings were not acquired through open market purchases. The country accumulated its position almost entirely through mining operations powered by surplus hydroelectric energy.

Early transactions traced to the wallet have been linked to mining pools, including AntPool, with the first activity on-chain occurring approximately in February 2021.

Bhutan was among the earliest countries to formally embrace Bitcoin mining as a state activity, and its geographic advantage in glacial river systems enabled it to access cheap hydroelectric power.

Multiple hydroelectric plants were constructed specifically to support the mining program. In May 2023, Bhutan’s sovereign wealth fund, Druk Holding and Investments, announced a $500 million partnership with Bitdeer to expand its Bitcoin mining operations further.

Holdings peaked at over 13,000 BTC, equivalent to approximately $1.4 billion at the time, in October 2024 before the current drawdown began.

Proceeds Linked to Gelephu Mindfulness City Development

In December 2025, Bhutan confirmed it would draw on its Bitcoin holdings to fund construction of its special administrative region, the Gelephu Mindfulness City. The project is part of the country’s National Bitcoin Development Pledge.

The March transfers have followed what analysts have described as a systematic clip strategy, with individual tranches of $5 million to $10 million moved in structured sequences rather than a single large block sale.

The March 17 to 18 event used six separate transactions to move $72 million. With 4,453 BTC worth roughly $315 million still held in the government-linked wallet, Bhutan retains a substantial Bitcoin position relative to most sovereign holders.

The remaining stack still places it among the largest country-level holders globally, even after the current year’s sales.

The post Bhutan Offloads $37M Bitcoin, Records Third Major Transfer This Month appeared first on The Market Periodical.