A wallet linked to the Bhutan government transferred approximately 519.7 Bitcoin — valued at around $36.7 million — to two separate wallets on Wednesday, according to data from blockchain analytics firm Arkham. One of the receiving wallets was identified as belonging to trading firm QCP Capital, according to onchain tracking service Onchain Lens. The transaction represents the third significant Bitcoin transfer from the Bhutan-tagged wallet in March alone.
The latest move follows a $72 million outflow spread across six separate transactions in the 24 hours leading up to March 18, as well as an $11.8 million transfer recorded on March 9. By contrast, the wallet moved just over 284 BTC throughout the entirety of February, highlighting a notable acceleration in outflows during March. The Bhutan-linked wallet still retains 4,453 BTC, worth approximately $315 million, though that figure is down sharply from more than 13,000 BTC held in October 2024, per Arkham data.
As of March 12, Bhutan ranked as the fifth-largest country holder of Bitcoin globally, trailing the United States government, the United Kingdom‘s government, El Salvador, and the United Arab Emirates Royal Group, according to an Arkham report. The country has built its Bitcoin reserves through a long-running state-backed mining program that began in 2019, making it one of the earliest nations to adopt Bitcoin mining at a sovereign level.
Bhutan’s approach to Bitcoin mining has been closely tied to its abundant hydroelectric resources. The country has constructed multiple hydroelectric power plants along its glacial rivers to generate low-cost electricity for mining operations. In May 2023, the country’s sovereign wealth fund, Druk Holding and Investments, announced a $500 million partnership with Bitdeer to expand those mining capabilities further.
Beyond mining, Bhutan has outlined broader plans to deploy its Bitcoin holdings in support of national development goals. In December 2025, the government announced it would draw on its Bitcoin reserves to help fund the construction of a special administrative region known as Gelephu Mindfulness City, or GMC. That initiative falls under the country’s wider National Bitcoin Development Pledge, which is designed to channel Bitcoin holdings and mining revenues toward long-term economic growth.
The GMC project has since expanded its cryptocurrency ambitions. On January 8, 2026, GMC revealed plans to establish a strategic cryptocurrency reserve that would include not only Bitcoin but also Ether and BNB. The reserve is intended to underpin the financial infrastructure of the new city. The series of March transfers may reflect ongoing efforts to reposition or liquidate portions of the sovereign stash in line with these development priorities.
Originally reported by CoinTelegraph.
