The Royal Government of Bhutan has moved another chunk of its bitcoin reserves, transferring 519.7 BTC worth roughly $36.75 million to two wallets on Wednesday, according to onchain data from Arkham Intelligence.
One of the destination wallets was linked to trading firm QCP Capital, a move that analysts often associate with potential asset sales.
What remains in the reserve
Following the transaction, Bhutan’s government still holds 4,453 BTC valued at around $315.89 million.
The bitcoin assets are held and managed by Druk Holding and Investments Ltd., the country’s sovereign wealth fund.
The Block reached out to Druk Holding for comment on the reported transaction.
A pattern of accelerating outflows
This latest transfer is part of a string of recent moves.
Druk Holding sent roughly $72 million in bitcoin last week and nearly $12 million earlier this month, suggesting the pace of selling has picked up considerably.
Bhutan historically accumulated bitcoin through mining operations powered by its abundant hydropower resources, reaching a peak of more than 13,000 BTC in October 2024.
However, speculation has grown over whether the government has stopped mining entirely, as its last bitcoin inflow exceeding $100,000 occurred more than a year ago.
Bitcoin price context
At the time of writing, bitcoin traded up 1.3% in the past 24 hours at $71,094, though it remains down over 40% from its record high near $124,900 set in October 2025.
The price drawdown from all-time highs has been significant, and Bhutan’s continued selling into weakness raises questions about the government’s long-term bitcoin strategy.
