Bhutan has transferred 973 BTC worth about $72.32 million to multiple addresses across Tuesday and Wednesday, according to on-chain data cited by Arkham Intelligence.
Two-day transfers
Arkham said Wednesday that Bhutan moved another $44.44 million worth of bitcoin to two unknown addresses, bringing the 24-hour total to about $72.3 million.
The transfers were linked to Druk Holding & Investments, Bhutan’s sovereign wealth fund that manages the country’s bitcoin holdings.
Among the transactions, 20.5 BTC (around $1.52 million) was sent to over-the-counter trading firm QCP Capital.
Year-to-date outflows
Including earlier transactions flagged by Arkham, Bhutan has moved more than $110 million in bitcoin so far this year.
Arkham’s entity page shows Druk Holding currently holds 4,453 BTC, valued at roughly $330 million.
At its peak in October 2024, the country held more than 13,000 BTC.
Holdings and mining questions
Bhutan has primarily built its bitcoin reserves through mining, using hydroelectric power to support operations.
Arkham also noted Bhutan’s last bitcoin inflow above $100,000 occurred over a year ago, suggesting the country may have stopped mining.
The Block said it reached out to Druk Holding to confirm the reported transactions.
